Tag Archives: covid 19

CMV investors are out of pocket by £98 Million.

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Cruise & Maritime Voyages went into administration in July 2020 due to the pandemic and has now been dissolved, with creditors owed almost £96.4 million.

In its final report to Companies House, administrator Kroll Advisory said there were insufficient funds to pay secured, preferential or non-preferential creditors.

An unnamed secured creditor which refinanced CMV in February 2020 has a claim for £78.3 million, but administrators say there will not be sufficient funds to cover this. Unsecured creditors are owed around £18 million but will also not receive payouts.

Preferential creditors are mainly 131 employees which lost out on holiday pay totalling £84,000. The report said all had otherwise been paid “the majority” of their salary arrears.

The administrators also revealed details of the sale of assets to Christian Verhounig, CMV’s former chief executive and chairman, who set up a new company, CVI Group, only a month after the collapse.

He paid just £180,000 for computer systems, vehicles and office equipment, including a nominal £1 each for databases and CMV’s intellectual property.

CVI Group planned to launch a similar product to CMV, with ex-UK departures, but Verhounig now runs Ambassador Cruise Line, having given up control of CVI to Njord Partners, Ambassador’s owners, according to documents filed at Companies House.

ROYAL CARIBBEAN EXTENDS ANTHEM’S UK SEASON

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The ship returned to the UK for the first time in six years in July to restart Royal’s domestic cruise programme.

In September “eligible international guests” will also be able to sail from Southampton, subject to the latest UK government travel advice and their country of residence.

Fully vaccinated travellers from the US and EU were granted exemption from UK quarantine requirements this week.

Anthem’s British Isles sailings feature calls to Liverpool, Belfast and Kirkwall and Glasgow. All adults must be fully vaccinated and all passengers must provide a negative Covid test result before boarding.

Anthem’s extended season opened for bookings on Wednesday (4 August).

Ben Bouldin, Royal’s vice-president EMEA, said the line was “thrilled” with the response to its UK programme since restarting, with cruises achieving “peak guest satisfaction levels”.

“We welcome the recent update from the UK government, which lifted advice against international cruise travel. While this marks a positive step forward in the global return of cruise, there are still complexities to navigate when calling at multiple European ports of call from the UK,” he added.

“This, coupled with the popularity of our British Isles sailings to date, has led to our decision to extend our sailings around the British Isles, and I’m delighted to welcome international guests to experience these itineraries, starting in September.”