Wednesday October 17, 2018
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Sinorama collapse included in TICO Board’s latest Comp Fund update

Sinorama collapse included in TICO Board’s latest Comp Fund update

Tuesday, October 2, 2018

MISSISSAUGA — TICO’s Board of Directors has approved a payment of $5,696.12 from the Travel Industry Compensation Fund to assist six consumers who did not receive the travel services for which they had paid, due to the closures of Canadian Fares Inc. in Toronto ($1,596.16) and Transaero Airlines in Russia ($4,099.96).

In addition, as a result of the failure of Sinorama Holidays Inc. on Aug. 8, 2018, payments of $68,083.82 from the Travel Industry Compensation Fund were approved by the Statutory Director under the immediate departure and trip completion (repatriation) provisions under Ontario Regulation 26/05 of the Ontario Travel Industry Act, 2002. A total of 136 consumers were assisted.

A payment of $12,542.66 was approved for trip completion to assist six consumers already in destination at the time of the failure, and a payment of $55,542.16 to assist 130 consumers who had immediate departures to various destinations.

There is a legislated six-month filing deadline for all claims to the Travel Industry Compensation Fund.

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Consumers who may be affected by the failure of Sinorama Vacations Inc. have a deadline of Feb. 11, 2019 to submit any claims related the non-provision of future travel resulting from this failure, says TICO.

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