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Bankruptcy of Jollydays GmbH: What does this mean for voucher holders?

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With the filing of bankruptcy of Jollydays GmbH on August 17, 2024, an era comes to an end for the company that specialized in arranging adventure activities. For years, Jollydays has offered thousands of customers unforgettable experiences - from sightseeing flights and boat tours to romantic dinners and rides in luxury cars.

But for many consumers, this dream is now becoming a nightmare. Vouchers that once stood for adventure and joy could now be worthless. In this article, we examine the background to the bankruptcy, the possible consequences for those affected, and what steps voucher owners can now take.

Jollydays GmbH, a company based in Austria, was a major player in the experience gift market for a long time. Customers could use their platform to purchase vouchers for a variety of experiences, which could then be redeemed at the respective providers. The business model was based on Jollydays accepting payments from customers and, after the vouchers had been redeemed, forwarding the corresponding amounts to the experience providers.

But by July 2024, complaints from customers whose vouchers were no longer redeemed were piling up. Providers of sightseeing flights, boat tours and other experiences refused to accept Jollydays vouchers because they had not received any payments from the company for months. Attempts by the Chamber of Labor (AK) to get Jollydays GmbH to comment were also unsuccessful. The company's financial difficulties ultimately led to the opening of bankruptcy proceedings.

Consequences of bankruptcy for voucher holders

With the opening of bankruptcy proceedings on August 17, 2024, many consumers are wondering what will happen to their vouchers. The purchase contract for the voucher is with Jollydays GmbH, not with the individual experience providers. Therefore, the providers are not legally obliged to continue redeeming the vouchers. For the affected consumers, this means that they may never be able to enjoy the experiences they have already paid for.

The bankruptcy court has appointed an insolvency administrator who must decide what happens next with the company. This usually means that individual creditors - including voucher holders - must be treated equally. Vouchers can no longer be redeemed during the bankruptcy proceedings.

What can voucher holders do now?

Owners of Jollydays vouchers have the option of registering their claims in bankruptcy proceedings. This must be done by October 10, 2024. A fee of 25 euros is charged for this. The form for registering claims can be downloaded from the justice website. However, it is important to note that the payment of claims depends on the amount of the bankruptcy quota. There is no guarantee that the costs of registering claims can be fully covered. This means that in the worst case scenario, customers are left with their vouchers and also have to pay the registration fee.

The continued existence of Jollydays GmbH is uncertain. The insolvency administrator will examine whether the company can be restructured or whether it will be broken up. In the event of a restructuring, the company could possibly continue to sell and redeem vouchers. However, a break-up would mean that the company would be wound up and the creditors - including the voucher holders - would only receive a fraction of their claims.

The bankruptcy of Jollydays GmbH is a bitter setback for many consumers who were looking forward to their experiences. It also shows the risks associated with buying vouchers, especially when they are sold through third parties. Voucher owners should act quickly now and file their claims in bankruptcy proceedings, even if the prospects of a full refund are slim. The Jollydays case could be a wake-up call for the industry to pay more attention to protecting consumer funds and restoring trust in such business models.

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