In the present market tour companies will go bust on a fairly regular basis.
The business model used by these companies is precarious to say the least. They often struggle to pay the bills in winter months as the majority of their income is generated over a pretty short period of time.
Now they have rapidly rising costs, and shrinking revenue, they'll always be the worst hit in any recession.
As I said in the previous thread about bankrupt holiday company - need to be very savvy about how and what you book to ensure maximum protection against these failures (which are often not altogether covered by many holiday insurance products). And there will be more 'failures' coming as the recession bites.
Well this is what happens when you speculate in the future's market and I have little symapathy for the companies now struggling. All those silly airlines which bought in advance at 150 dollars a few months ago are now stuck when oil is down to 100 dollars. When oil was going up they could also easily con the public into surcharges but it is not so easy to recoup losses that way when the price is coming down. So sorry for the passengers but they should surely have made sure they protected themselves as there is more than enough advice out there.
That a company can carry on taking money from people when they know they are going bust? Somebody must know about it. I feel really sorry for the people looking forward to their holidays then see it go pear shaped in the last minute.