Cox and Kings re­ceivers

Travel Daily - - News -

THE global busi­ness of Cox & Kings con­tin­ues to crum­ble, with re­ceivers formally ap­pointed to Prometheon En­ter­prise Lim­ited, the UK par­ent com­pany of C&K.

In­dia’s Yes Bank, which is owed hun­dreds of mil­lions of dol­lars, has ap­pointed Damian Webb of ac­count­ing firm RSM in Lon­don as re­ceiver of Prometheon, cit­ing a charge over an­other com­pany, called Prometheon Hold­ings (UK).

Prometheon En­ter­prise was also the ul­ti­mate hold­ing com­pany of Tempo Hol­i­days Pty Lim­ited, which col­lapsed last month (TD 20 Sep) putting al­most 100 staff in Aus­tralia and NZ out of work.

Prometheon’s most re­cent ac­counts, for the year to 31 Mar 2018, in­di­cated group turnover of £454.2 million (A$850m) and a profit of £66.3 million.

Yes Bank is also a ma­jor cred­i­tor of Tempo Hol­i­days, be­cause Cox & Kings In­dia has de­faulted on a loan which has in turn trig­gered a call by the bank on the as­sets of all group com­pa­nies.

Dur­ing this week’s Sec­ond Cred­i­tors Meet­ing for Tempo (TD 29 Oct), ad­min­is­tra­tor Lau­rence Fitzger­ald also re­ferred to ac­tion by In­dia’s Na­tional Com­pany Law Tri­bunal against Cox & Kings, ad­mit­ting an “in­sol­vency plea” brought by Rat­tan In­dia Fi­nance.

That’s just one of 10 cases brought by cred­i­tors in In­dia, with Cox & Kings thus far not re­spond­ing to a week-old re­quest from the Bom­bay Stock Ex­change for clar­i­fi­ca­tion of the sit­u­a­tion.

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