A chapter turns for the Travel Guarantee Fund (GFG). In a press release dated November 17, 2021, the main financial guarantor for tourism in Belgium announces that Thomas Cook bankruptcy settlement “belongs to the past“. A claim that involved in Belgium, the repatriation of around 11,000 travelers in the fall of 2019 and reimbursement of more than 46,000 travelers.
The GFG specifies that it had sufficient guarantees to cover the total cost of around 28 million euros. “As a result, GFG reserves are still at their highest level historically. Naturally, the board of directors takes into account that these can still be seriously strained due to the ongoing corona crisis.“.
The GFG will guarantee state loans for 5 years
Continuing on the balance sheet for the year 2021, the Belgian fund indicates that “barely 20 policies ended“this year, of which two bankruptcies (Ornella Travel and Tellus). 27 new policies were taken out.
“The GFG Steering Committee is in close contact with its 436 insured companies to help them get through this crisis as best they can.“. Speaking example: the GFG will guarantee the State loans for five years that the latter will grant to a certain number of its members, in particular to reimbursement of vouchers.
“A very important but necessary effort from a sector fund created by and for the travel sector in 1995“, underlines the GFG. Meeting on November 17, 2021, the Board of Directors of the Travel Guarantee Fund also proceeded to the election of a new president, following the resignation of Jean-Philippe Cuvelier, boss of Alizés Travel, of which the Group is currently in receivership, from his position of chairman and director of GFG.
READ ALSO: Belgium: the Alizés Travel Group in receivership “The Board of Directors deplores this resignation and remains very grateful to Mr. Cuvelier for all his contribution to the Travel Guarantee Fund as co-founder and then as Chairman for many years.“. It is Erik Van Hoornyck who succeeds him as President, while Dominique Stuyck is elected Vice-President. Geert Raes and Emerald De Strycker remain Treasurer and Secretary, respectively. With this policy, the GFG wants “ensure continuity“.
Posted by Anaïs Borios
Journalist – TourMaG.com
See all articles by Anaïs Borios