An urgent investigation, led by Begbies Traynor, is underway to recover more than £20 million owed to creditors of collapsed travel agency firm Omega Travel.
The company, which had its ATOL licence suspended in September, was launched in 1965 and specialised in travel to and from the Far East.
Headquartered in Milton Keynes, Omega Travel also had branches in London, Manchester, Birmingham and Edinburgh.
Turnover recorded by Omega Travel last year was nearly £300 million.
Paul Stanley and Dean Watson of Begbies Traynor have been appointed as joint compulsory liquidators of Omega Travel and have launched an urgent investigation to recover substantial amounts owed to creditors.
Paul Stanley, regional managing partner at Begbies Traynor, said: “The official receiver appointed us as liquidators within 24 hours of the winding up order being issued.
“This demonstrates the urgency of action being taken and the magnitude of the numbers involved.
“We are already arranging interviews with staff and directors at the company as well as liaising with creditors.
“We are at an early stage in proceedings, but we are making significant progress and have identified at least £20 million owed to creditors.
“We will update interested parties as we advance our detailed investigations into the exact whereabouts of the company’s assets.”
Omega Travel has traded under various names including Far East Travel Centre, Budget Travel, Travelsky.co.uk and Chinese Travel Shop.
Recently it changed its name to Milburn Travel.