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Old 03-11-2005, 11:36 AM  
Trixxxia
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Join Date: Aug 2004
Location: Montreal, Canada
Posts: 5,600
Quote:
Originally Posted by psyko514
If the company has declared bankruptcy, there are no funds to be had in said bank account, meaning no funds to issue refunds with.
Just to add to that possibility is:
If the company has declared bankruptcy, there could be millions of dollars in said bank account, however once the bankruptcy is declared it goes into the hands of a Trustee and all bank accounts are then blocked - the only debits in the account are those authorized and signed for by the Trustee. After a financial statement is produced & they know where they stand with the finances - they hold a creditor's meeting. After all those steps and deciding it can't get back on its feet and resume operations by working a payout plan with it's creditors - then the funds start getting released - the travellers are almost always the last to get paid. If you paid for insurance, hopefully you're covered. If you have a creditcard, some have insurance that you may not be aware of included in your yearly fee - or it's part of their guarantee. Go online and check what benefits you have as a cardholder.
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