Corporate Travel Management (CTM) is engaged in last-ditch talks with the United Kingdom government this week, attempting to secure a staggered repayment plan for historic overcharging.
The travel agent is fighting to avoid administration, with sources indicating that failure to convince officials to accept a delayed payment schedule could result in immediate insolvency proceedings.
The negotiations center on the government's willingness to wait for repayment from funds allegedly overcharged in the past.
CTM’s survival hinges on this agreement, as the company faces a liquidity crisis that has pushed it to the brink of collapse.
Without a formal arrangement to defer or structure these payments, the firm is tipped to enter administration, a process that would see its assets managed by an insolvency practitioner.
This development underscores the severe financial pressure facing legacy travel management companies amid shifting corporate travel habits and regulatory scrutiny.