No trust at Tempo
CLAIMS by the management of the failed Tempo Holidays that a trust account had been established to protect client funds ( TD 23 Aug) were yesterday debunked by the company’s administrator, Laurence Fitzgerald of William Buck.
Speaking at the Tempo/ Bentours creditors’ meeting, Fitzgerald said the bank account which had purportedly been established at AFTA’s behest was in fact just an existing commercial account already in place.
“It’s my understanding that as part of the AFTA process Tempo was asked to set up a trust account, so they instructed the bank to just add the word ‘trust’ to the account name,” he told the shocked creditors’ meeting.
The account had about $1.4 million in it when the company was placed into administration.