Top Tours was one of the largest tour companies in the country before declaring bankruptcy and leaving its customers stranded.
TALLINN - More than 400 people were stranded abroad as one of Estonia's largest tour operators unexpectedly declared bankruptcy.
TopTours AS announced over the weekend that it was insolvent and that it would not be able to fulfill its obligations to customers abroad, Aripaev reported.
The Consumer Protection Board (CPB) commissioned three planes from Estonian Air to bring TopTours’s clients back Saturday from Crete and Turkey. A total of 427 passenegers had been stranded. The CPB used the 3 million kroons collateral fund of the company to pay for the flights.
The company's security fund is now left with just 700,000 kroons with which to compesate the travellers who were stranded as well as those who had booked tickets with the company but not yet taken their vacation.
TopTours was created in 2003. The turnover of the company in the first nine months of 2009 was 77.8 mln kroons. The 2008 turnover was 88.76 mln kroons. TopTours had 23 employees together with subsidiary Klik Top.
Top Tours was one of four largest charter tour operators in Estonia with several weekly charter flights whose services were used by thousands of passengers every month.