As of 1 June 2020, the Dutch Cabinet wants to strengthen the fund of the Travel Guarantee Fund (SGR) with a loan facility of 150 million euros, so that consumers can be sure that they are not financially at risk when accepting a travel voucher with this cover. Consumers who have had to cancel their holiday en masse due to the corona crisis and the measures taken as a result often receive a travel voucher as compensation. This prevents travel providers from getting into financial difficulties, because otherwise they will have to repay the amount to the consumer within 14 days.
In March, the Travel Guarantee Fund (SGR) decided to guarantee the travel vouchers of the participating travel providers until 1 June, so that consumers are not financially at risk when taking them. Funds such as SGR provide consumers with a guarantee whereby they are compensated in the event of bankruptcy of an affiliated travel organization.
Due to the corona crisis, the funding ratio of the SGR is starting to become inadequate, as a result of which the fund needs additional support in order to be able to continue to issue the travel voucher guarantee after 1 June. The Cabinet has therefore drawn up an aid measure, whereby a loan facility of 150 million euros will be made available. Thanks to this support, SGR can also guarantee travel vouchers for canceled package holidays after 1 June.
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NAZALI TAX & LEGAL |