Insolvent Romanian tour operator loses license after filing for insolvency

The Romanian Ministry of Economy announced that it sanctioned the tour operator Kusadasi with a fine and, in addition, withdrew its operating license following the inspection carried out after the agency filed for insolvency.

Inspections found that the tour operator sold travel services whose total value exceeds the sum insured by guarantee instruments, thus breaching provisions of Art. 18, paragraph (1) of Government Ordinance nr. 2/2018.

The remedial measures ordered for Kusadasi refer, first of all, to honoring all obligations assumed through contracts signed with tourists until the date of conclusion of the report of finding and sanctioning contraventions, namely July 24. From this date, it is forbidden to conclude new contracts.

The ministry states that the mentioned company submitted, on July 14, an application to open the general insolvency procedure, with the possibility of reorganizing its activity.

Travel agency Kusadasi benefits from guarantee instruments worth EUR 300,000, respectively EUR 100,000 at the insurer Omniasig and EUR 200,000 at Eurolife FFH, which can be accessed after declaring insolvency in court.

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