FTI insolvency: 172,000 refunds and the future of the DRSF!

FTI insolvency: 172,000 refunds and the future of the DRSF!

The German Travel Insurance Fund (DRSF) was launched four years ago to compensate package tourists in the event of a tour operator going bankrupt. Following the insolvency of the tour operator FTI, the fund processed over 172,000 refund applications and paid out around 245 million euros. Loud TradingView Around 80 percent of FTI customers already received their money last year. However, 6,000 applications remain open that are classified as particularly complex or unusual. In addition, around 34,000 FTI customers did not respond to the DRSF's letters.

The difficulties in resolving the FTI insolvency are not insignificant. Insolvency administrator Axel Bierbach reported problems obtaining contact and account details of affected travelers, as numerous agencies and travel agencies refused to release this information. There are also unclear regulations for modular bookings, which are only partially considered as package tours.

Information about bankruptcy

In the event of insolvency, travelers who are not compensated through the DRSF can claim their money back in the insolvency proceedings. Currently, over 73,000 creditors have registered claims totaling 980 million euros. The sale of valuable parts of FTI is estimated at 30 to 100 million euros, which should be enough to finance the insolvency proceedings. However, the examination of the claims is expected to take several years.

Insolvency administrator Bierbach drew a positive interim conclusion: five owned hotels in Italy, Turkey, Greece and Malta, as well as two leased hotels in Malta, have already been sold. The work of around 3,500 employees is secured, and most of the around 800 carers in the holiday resorts have been taken over by other organizers. At the headquarters in Munich, 40 people are still busy running the company.

Advice for those affected

For anyone who needs support, the Lower Saxony Consumer Center offers free short consultations on specific topics. For more complex issues, an appointment for a free on-site or video consultation may be necessary. Documents can be checked during the consultation appointment. A flat rate of 40 euros is charged for written out-of-court legal representation. However, it is important to note that no advice is offered in disputes between private individuals, tenancy law, family or inheritance law or other areas of law. Detailed data protection information is also available ( Lower Saxony Consumer Center ).