(openPR) Three months ago, the vacations booked by hundreds of thousands of vacationers fell through: FTI, the third largest German travel group, filed for bankruptcy. Most FTI customers are still waiting for compensation. Now the insolvency proceedings have been opened by the Munich District Court on September 2, 2024. Creditors can now register their claims in the insolvency proceedings with the help of McJustice (www.mcjustice.de).
The insolvency administrator of both companies, lawyer Axel Bierbach, assumes that there are 350,000 creditors at home and abroad.
As part of the insolvency proceedings, 700 employees have already been laid off. Numerous jobs have been secured through sales.
FTI Touristik and its subsidiary BigXtra currently have debts of more than one billion euros to their creditors. The majority are package holidaymakers, around 2,000 to 3,000 hotels and travel agents.
However, filing a claim can still be worthwhile, as at least a certain percentage can be expected.
While customers with package tours receive at least a portion of their compensation from the guarantee fund, individual travelers must claim their entire damages themselves by submitting a claim.
In the case of package tours, only the difference between the payment from the guarantee fund and the actual damage must be reported to the table.
But in any case, the costs of filing a claim are ultimately decisive in determining how much the individual creditor is left with. This is where the new McJustice portal can help. The costs are a flat rate of 149.00 euros and are independent of the value in dispute (damage to the customer). In addition, the creditor receives his respective share from FTI Touristik or BigXtra Touristik directly into his own bank account.
By using McJustice, the damage can be further minimized in the event of insolvency of FTI or BigXtra Touristik.
Interested creditors can find out more at www.mcjustice.de . On the site, creditors will also find all the necessary data from the insolvency that is required for registration.
Table of Contents
FTI Insolvency: What it Means for Customers and Creditors
Just three months ago, the news broke that FTI, the third-largest German travel group, had filed for bankruptcy, leaving hundreds of thousands of vacationers in limbo. The Munich District Court has since opened insolvency proceedings on September 2, 2024, allowing creditors to register their claims with the help of McJustice (www.mcjustice.de) [[1]]. But what does this mean for customers and creditors, and how can they navigate the complex process of filing a claim?
The Extent of the Crisis
According to lawyer Axel Bierbach, the insolvency administrator of both FTI Touristik and its subsidiary BigXtra, there are an estimated 350,000 creditors at home and abroad [[1]]. The companies owe more than one billion euros to their creditors, with the majority being package holidaymakers, as well as around 2,000 to 3,000 hotels and travel agents [[1]].
Impact on Employees
As part of the insolvency proceedings, 700 employees have already been laid off, while numerous jobs have been secured through sales [[1]]. This significant restructuring is a stark reminder of the far-reaching consequences of FTI’s bankruptcy.
Filing a Claim: Is it Worthwhile?
Despite the challenge ahead, filing a claim can still be a worthwhile endeavor for customers and creditors. While customers with package tours will receive at least a portion of their compensation from the guarantee fund, individual travelers must claim their entire damages themselves by submitting a claim [[1]]. In the case of package tours, only the difference between the payment from the guarantee fund and the actual damage needs to be reported [[1]].
The Costs of Filing a Claim
Ultimately, the costs of filing a claim will determine how much creditors can expect to receive. It is essential for customers and creditors to understand the process and their rights to ensure they receive a fair percentage of their claims.
FTI: A Tale of Two Entities
Interestingly, there is another FTI, unrelated to the German travel group, that offers a graduate scheme in restructuring and insolvency [[2]]. FTI Consulting, a global business advisory firm, provides an opportunity for graduates to work with accomplished professionals in delivering complex restructuring and insolvency projects.
the insolvency of FTI Touristik and its subsidiary BigXtra is a complex and multifaceted issue that affects hundreds of thousands of customers and creditors. While the road ahead may be uncertain, understanding the insolvency proceedings and the process of filing a claim is crucial for those seeking compensation.
References:
[1] (openPR) FTI Insolvency: What it Means for Customers and Creditors
[2] https://fticonsult.referrals.selectminds.com/ftistudentcareers/jobs/2025-graduate-scheme-london-restructuring-insolvency-corporate-finance-19464
[3] https://www.reuters.com/markets/deals/europes-third-largest-tour-operator-fti-files-insolvency-2024-06-03/
[3] https://www.phocuswire.com/fti-touristik-files-for-insolvency
FTI Insolvency: What it Means for Customers and Creditors
Just three months ago, the news broke that FTI, the third-largest German travel group, had filed for bankruptcy, leaving hundreds of thousands of vacationers in limbo. The Munich District Court has since opened insolvency proceedings on September 2, 2024, allowing creditors to register their claims with the help of McJustice (www.mcjustice.de) [[1]]. But what does this mean for customers and creditors, and how can they navigate the complex process of filing a claim?
The Extent of the Crisis
According to lawyer Axel Bierbach, the insolvency administrator of both FTI Touristik and its subsidiary BigXtra, there are an estimated 350,000 creditors at home and abroad [[1]]. The companies owe more than one billion euros to their creditors, with the majority being package holidaymakers, as well as around 2,000 to 3,000 hotels and travel agents [[1]].
Impact on Employees
As part of the insolvency proceedings, 700 employees have already been laid off, while numerous jobs have been secured through sales [[1]]. This significant restructuring is a stark reminder of the far-reaching consequences of FTI’s bankruptcy.
Filing a Claim: Is it Worthwhile?
Despite the challenge ahead, filing a claim can still be a worthwhile endeavor for customers and creditors. While customers with package tours will receive at least a portion of their compensation from the guarantee fund, individual travelers must claim their entire damages themselves by submitting a claim [[1]]. In the case of package tours, only the difference between the payment from the guarantee fund and the actual damage needs to be reported [[1]].
The Costs of Filing a Claim
Ultimately, the costs of filing a claim will determine how much creditors can expect to receive. It is essential for customers and creditors to understand the process and their rights to ensure they receive a fair percentage of their claims.
FTI: A Tale of Two Entities
Interestingly, there is another FT
