TCF outcomes report sound position
Source = e-Travel Blackboard: K.W The financial position of the Fund remains sound with reserves in excess of $30 million. Continued improvement in trading profitably as demonstrated in the 2011 meant the total value of guarantees held dropped from $79 million to $74.1 million. Eight agents were terminated after consumer complaints. Since the previous Board meeting there have been four terminations due to claims received, including Dennis, L Davies and D Fry trading as “True Blue Flights” in Nerang Queensland, Actraint No144 Pty Ltd trading as “Travel Centre at Fyshwyck”, Burwood International Travel Pty Ltd trading as “Travelscene Concord” and Independent Travel Adventure Pty Ltd trading as “Kumuka Worldwide”.This large wholesaler collapsed on 19 July 2012 after its UK parent company collapsed, resulting in claims that will exceed $2 million. The TCF reported receiving 335 claims grossing $1.6 million of which $400,000 in claims has already been paid. The Travel Compensation Fund (TCF) has reported a sound financial position with an increase in participation, a drop in guarantee value and fewer involuntary closures. For the year to June 2012 there was an increase of 73 percent in branch approvals compared to previous year. Head Office terminations were down 29 percent while branch terminations increased by 48 percent. These terminations were mostly voluntary, following the trend that comes with the end of financial year.