Australians who lost more than $1 million on prepaid “dream” holidays have been told not to expect to see their money again.
Melbourne-based agency Traveldream — registered as Australian Travel Deals Pty Ltd and known for selling discounted flights, cruises, and international tour packages — collapsed in April and went into voluntary administration.
A new administrator’s report has revealed Traveldream paid another Melbourne-based company, My Travel Experience (MTE), about $1.22 million to secure flights, accommodation and tours for customers.
However, MTE failed to pass the money on to suppliers and has now gone into external administration itself, leaving customers with little chance of recouping their losses.