Administrators of Kumuka are still investigating the collapse of the adventure travel company in Australia as it emerged that creditors are unlikely to see any of the money they are owed.
More than $2.5 million is owed to around 30 creditors, The Travel Compensation Fund the largest of them, according to Sydney-based administrator Pitcher Partners.
But partner Anthony Elkerton said it was “unlikely” any of them would recoup their losses, and revealed Kumuka will “move to liquidation”.
“We have put several registered websites and domain names up for sale and that may or may not lead to a recovery of some funds,” he told Travel Today.
A total of 25 domain names are for sale, including kumuka.com.au, kumukaafrica.com.au and adventuresworldwide.com.au.
Elkerton said investigations were continuing into the collapse, with administrators examining the transfer of funds between the Australian and UK operation, which has also gone into liquidation.
“We are looking into the reasons for the transfers and the suitability of it,” he said.
The UK and the Australian business were separate companies which shared a “common director and shareholder” in Ozkan Ozbulter, Elkerton said.
Another creditor’s meeting will be held later this month.
