Excite Holidays payout to creditors estimated to be more than previously thought

Creditors of the collapsed Excite Holidays are being urged to put forward their debt claims in order to be considered for a dividend payout.

In a circular to creditors issued earlier this month, deed administrator Phil Quinlan of KMPG said he and his team “have reached the stage where a first and final dividend can be paid to unsecured creditors”.

The current estimated dividend is 2.5 to three cents in the dollar, which is more than the previous estimate of zero to two cents, is set to be paid to Excite creditors on or around 18 December 2020.

Those creditors who fail to submit the relevant documentation by 7 December will miss out.

Excite entered into administration back in January, leaving a large number of travel agents and suppliers in the lurch.

The wholesaler was part of a complicated web of companies run by Nicholas Stavropoulos and George Papaioannou.

Creditors voted to accept the deed of company arrangement proposed by Stavropoulos and Papaioannou in February, which was also recommended as the best option by Excite’s administrators in their report.

That same month, Helloworld Travel agreed to acquire Excite’s proprietary online booking platform to help boost its own B2B booking system, Ready Rooms.