The insolvency of a company such as the FTI Group, a major tour operator, has far-reaching consequences for various stakeholders, including customers, business partners, suppliers and employees. Here are the key points that companies need to consider when faced with the insolvency of the FTI Group:
Customers:
- Travel bookings:
- Review travel bookings: Customers should check whether their trips can still take place or whether they are canceled.
- Contact: Customers should contact the FTI Group customer service or their travel provider to obtain information about their bookings.
- Reimbursement and insurance: For canceled trips, customers should clarify whether they are entitled to a refund or a replacement. Travel insurance and insolvency protection (e.g. through the travel insurance fund) play an important role here.
Business partners and suppliers:
- Claims:
- Registration of claims: Business partners and suppliers should formally register their outstanding claims in the insolvency proceedings. This often has to be done within certain deadlines.
- Checking the claims: It is advisable to check the claims carefully and ensure that all relevant documentation and receipts are available.
- Contract management:
- Review of existing contracts: Companies should review their contracts with the FTI Group to see what services still need to be provided and what impact the insolvency will have on the fulfillment of the contract.
- Renegotiation: It may be necessary to renegotiate contracts or seek alternative solutions in order to maintain your own business operations.
Employees:
- Labor law aspects:
- Wage claims: Employees should check their wage claims and, if necessary, assert them with the insolvency administrator.
- Information and communication: Transparent communication with employees about the status of the insolvency and its effects is crucial.
- Job security: Employees should be informed about their rights and options in the event of insolvency, e.g. regarding notice periods and severance pay.
General corporate strategy:
- Risk management:
- Securing liquidity: Companies should take measures to secure their own liquidity and mitigate the financial impact of the insolvency of an important partner.
- Diversification: It makes sense to diversify business relationships in order to reduce dependencies on individual major partners.
- Legal advice:
- Insolvency law advice: Consulting a lawyer specializing in insolvency law can help to protect your own interests in insolvency proceedings and take the right steps.
- Crisis communication:
- Communication strategy: A clear communication strategy is important in order to inform all stakeholders (customers, partners, employees) about developments and minimize uncertainties.
Practical steps:
- Documentation: All relevant documents and correspondence should be carefully documented and archived.
- Contact with the insolvency administrator: Regular contact with the insolvency administrator to stay informed about the status of the proceedings and possible effects on your own company.
The insolvency of the FTI Group requires affected companies to take a proactive and well thought-out approach in order to protect their own interests and minimize the impact on their own business.
