Voucher holders worried about €6.4m

Julia's He sold vouchers for health vacations, visits to climbing and skydiving parks, romantic dinners, and wine seminars via his homepage and in retail stores. Upper Austria Chamber of Commerce Thousands expected Injured coupon holders.

Now if we assume that the average value of the voucher is 100 euros, it would be as follows: 64,000 coupon holders Affected by the Jollydays bankruptcy. You can register the value of the voucher as a claim in the insolvency proceedings, but according to Creditreform, you will have to pay a court fee of €25. But creditors are unlikely to get a share, as the only asset available is a bank balance of €95,000.

The scroll bar fell off.

In addition, the last slider had already fallen. “However, the company itself is no longer viable and cannot continue,” the liquidator wrote in his first report. “The ongoing costs associated with the continuation of the company cannot be covered.” The company was closed on August 21.
If you look at Jollydays’ balance sheets over the past 17 years, you will see that the company has been making losses since 2007. In 2008, the accumulated loss was already €2.24 million. This has increased to €8.13 million in 2022. Over the past 15 years, the value of the shares has been negative in the millions.

Do not over-indebted

Over the years, this issue has been dismissed in two sentences on the balance sheets. “There is no over-indebtedness within the meaning of the Insolvency Act, as profits are expected to be made in the following years,” it says in the balance sheets for the period 2008 to 2022. “This emerges from the medium-term planning calculation prepared by the company.”

In 2018, the business model took a major hit. At that time, the Vienna Higher Regional Court, based on a lawsuit filed by VKI, decided that the short three-year redemption period for the vouchers was unacceptable and that they should generally be valid for up to 30 years.

Sales decline

According to the Upper Austrian Chamber of Labor, Jollydays subsequently changed the redemption period. However, according to the insolvency application, it recently had to set aside EUR 1.4 million in provisions for old, unredeemed vouchers. Regarding the court ruling, the liquidator's first report states: “Ultimately, the business model, which originally took into account the fact that the vouchers sold were never redeemed, was no longer as profitable as it had been with the OLG decision since spring.” Sales decreased by 2024.