Closing of Thomas Cook underlines importance of strengthening Insolvency Fund

23rd September 2019

The Tourism Business Section noted that this meant that consumer behaviour patterns were shifting quickly.

In a press release issued on Monday, the Malta Chamber’s Tourism Business Section noted the closing down of iconic company Thomas Cook.

The Business Section however noted that this meant that consumer behaviour patterns were shifting quickly due to rapid developments in technology as well as Brexit.

"As the local economy still heavily depends on the tourism sector, the country cannot take such developments lightly. We need to ensure that risks to the sector are effectively mitigated" the statement said.

The Business Section also noted that the vast majority of holidaymakers’ arrangements were covered through different types of financial protection: the majority were flight packages covered by ATOL, the UK's version of an Insolvency Fund.

"It is in times like these, that the Chamber cannot but stress the importance of having a functioning Insolvency Fund that caters for similar situations happening in Malta. The Malta Chamber has expressed itself on the matter, and continues to underline the importance of strengthening such a structure to safeguard the rights of travellers" the press release concluded.

30th September 2019

Chamber DG said that the Chamber had its reservations about the Opposition’s arguments about the issue of the ever increasing cost of labour.

19th September 2019

Participants of the JAYE Malta Leaders for a Day programme shared their experiences of the day, shadowing Malta's foremost business leaders.

17th September 2019

STM Malta was chosen from 2,753 businesses named as ‘Ones to Watch’ in a list of business excellence published in July and selected as a National Winner by a panel of independent judges including business leaders, politicians and academics.

13th September 2019

The Chamber focused its attention on six main issues which it deemed to be of crucial importance and which warranted the government’s immediate attention.