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.


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