River cruises: Tour operator Klug Touristik files for bankruptcy

Insolvency (Photo: Pixabay/Ratfink1973).
Insolvency (Photo: Pixabay/Ratfink1973).

River cruises: Tour operator Klug Touristik files for bankruptcy

Insolvency (Photo: Pixabay/Ratfink1973).
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The tour operator Klug Touristik, which specializes in river cruises, had to file for bankruptcy with the Vienna Commercial Court. The Alpine Association of Creditors estimates that around 1.100 private individuals who have made down payments for trips that have not yet been made could be affected.

Furthermore, there should be 250 to 300 creditors in the supply chain. The KSV1870 and the AKV announced that the liabilities of the insolvent tour operator amounted to around 4,5 million euros. An application for the opening of a so-called restructuring procedure was not made, which is why the continuation of the company seems more than questionable. Most recently, Klug Touristik is said to have had 31 employees.

There may have been signs beforehand that Klug Touristik's financial situation could be severely strained. In social media as well as in recessions there are many postings in which travelers whose holidays were canceled by the tour operator only got their deposits returned slowly or not at all despite many attempts. The company usually replied with a standard text that the refunds would be processed step by step and at the same time talked about Corona, the war in Ukraine and the low water from the previous year.

The Alpine Association of Creditors quotes from the bankruptcy application, among other things, that the corona pandemic and the low water in several rivers in the summer of 2022 caused sales to collapse. In the meantime, no new insolvency insurer has been found and the contract with the previous insurance company has expired. Bankruptcy protection is a legal requirement that tour operators must comply with. It can therefore be assumed that the customer funds can be reimbursed by the insurer.

Due to the fact mentioned that bankruptcy proceedings have been filed and no application for restructuring has been filed, it is completely unclear whether the tour operator will be able to continue. The liquidator appointed by the court will get an overview and then submit the assessment to the Vienna Commercial Court and the creditors' meeting. The lawyer Ulla Reisch was appointed as insolvency administrator. Claims can be registered until April 28, 2023. The first judicial hearing will take place on May 9, 2023.

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