The collapse of package tour operator Goldtrail has prompted some predictably ill informed responses.
First: the inevitable complaint that someone should have seen this coming and prevented customers booking right up until the last minute before the company ceased trading.
Think it through. If that had happened,the company would have folded earlier. Obviously more customers would have avoided the frustration of claiming deposits or full payments via the Civil Aviaton Authority's ATOL protection system or from credit or debit card issuers. But,equally, more would have been left without summer holidays.
Even when travel industry leaders and the CAA are aware a tour operator is in difficulty every effort is made to keep it afloat. And if there is no hope of longer term survival the aim is to nurse the company through until the end of summer, when the damage will be less severe.
Which brings me to a second point. So far as I can recall there has been only one other significant collapse in high summer since the Court Line crash in 1974. That is worth noting before those who monitor the financial health of the industry come in for too much vilification.