Calypso Destinations fell over with $2.3 million in unsecured creditors including Tyler himself, who is listed as claiming $924,000 in “loans to the company” that he made.
The liquidator’s report said Tyler may have a defence against insolvent trading claims because of advances made to the company that were under continuing investigation.
Tyler declined to comment when contacted. He asked this masthead to send questions to his lawyer, who did not reply.
Tyler told the liquidator he had begun to encounter financial problems with the advent of travel restrictions imposed during the COVID-19 pandemic.
He said the virus-era curbs had adversely affected the company’s performance. He cited factors including a substantial rise in operating costs and an increasing difficulty collecting outstanding debts from clients on time and receiving full refunds from airlines and hotels. The company was required to take out high interest short-term loans to tackle losses, he told the liquidator, as well as a loan under a federal government pandemic support scheme that left it with significant debt.
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The Westburn Advisory investigation highlighted payments totalling $674,488 in the lead-up to the company’s liquidation that may be deemed…
