Chancery Division Rose J 22 May 2014 I. INTRODUCTION  The Claimant company (‘Goldtrail’) was a holiday tour operator specialising in flights and holidays to Turkey. In 2009 it was seeking to expand its activities to include flights and holidays in Greece. It had operated successfully for about 15 years and by 2008/2009 it appeared to be a prosperous and growing company. Goldtrail did not own or operate an airline itself but bought seats from various airlines to carry its customers. It had an air travel operator’s licence granted by the United Kingdom Civil Aviation Authority (‘the UK CAA’) entitling it to carry over 200,000 passengers. On 16 July 2010, however, Goldtrail was put into administration by its sole director and the owner of 100 per cent of its shares, Mr Abdulkadir Aydin, the First Defendant (known as Kadir). Thousands of Goldtrail customers were stranded overseas and the UK CAA had to deploy monies from the Air Travel Trust to repatriate those customers. As a result, that Trust is Goldtrail’s main creditor and is owed over £20 million by Goldtrail.