KarryOn News

Bankrupt Wholesaler Si Holidays has left $5.5m of debt owed to Travel Agents, staff, hotels, suppliers and financial services in Australia and beyond.

In a report sent to creditors from Dem Asia Group, the company responsible for liquidating the company, the scale of the rapid demise of a wholesaler has been laid bare.

The report states that to date, $649,795.38 is owed to now ex-staff of Si Holidays who will most likely never see that money and who are now also out of a job.

157 individual Australian Travel Agents have also been majorly affected by varying amounts up to $43,579 owed and a total of $831,349.25.

It is heartbreaking to hear that these Agents will also unlikely see any of this money returned, nor have any of their forward bookings honoured. Many bookings of which, are not re-bookable due to availability and increased pricing.

Si Holidays website as it looks today

Si Holidays website as it looks today

Around 200 Suppliers globally have also felt the brunt with a whopping $4m owed to them.

Destinations of the world in Dubai are owed $593,118.23 whilst The Outrigger Hawaii is owed $415,087.81 and Rosie Holidays in Fiji owed $163,553.96 to name but a few. The ATO are owed $400k.

According to the report, Si Holidays was already losing over $2.2m at the time of acquisition in late 2016 from Mastercard (Pinpoint), who previously under-wrote the losses. The report goes on to say that Si Holidays was undercapitalised and did not have sufficient working capital to fund the transition from a high volume low margin wholesaler to a high margin wholesaler.

The report states that “The Company appears to have been underfunded by approximately $3.0m to $4.5m from September 2017.”

The big question now is, for how long did the company know about the impending crisis before they were forced to close the business? And what actions could sole Director of the company, Tui Eruera taken to minimise further losses and communicate the situation earlier to all affected?

Si Holidays Md, Tui Errera

Si Holidays Former Md, Tui Eruera

Dem Asia Group says “Further investigations into the conduct of the Company are required and an investigation of the Company’s affairs will be conducted.”

Si Holidays was formally closed on the 9th of March with all employees let go except nine staff members who stayed on until Wednesday, 14 March to assist in answering agent and booking enquiries.

Dem Asia Group has requested any creditors who have any information which would assist their investigation are requested to write to them.

Specifically, with details such as:

• Any letters of demand, judgments, writs or any other legal action by you against the Company
• Copies of correspondence sent to and received from the Company regarding unpaid accounts
• Advice when trading first commenced with the Company

Please send all correspondence to Dem Asia Group

Have you been affected by Si Holidays? Share your story below.