Unitravel Kft. travel agency went bankrupt

They added: they strongly and specifically ask their passengers who have not yet started their trip not to show up for it under any circumstances.

They announced: the company has a financial guarantee that complies with the government decree on travel agency and intermediary activities at the Hungarian Branch of Colonnade Insurance S.A.

If the Metropolitan Government Office, which supervises the agency, also determines the travel agency’s insolvency, it will give permission to the insurer to subsequently refund the advances and participation fees already paid to those affected, up to the amount and in the manner prescribed by law.

“In addition to all this, our company will make every effort to eliminate the problem caused and compensate our passengers”

– they wrote.

The main reason for the bankruptcy, according to the company, is the current state of the tourism market, where some new foreign companies came to Hungary with unlimited money and began to “conquer the market” by offering incredibly low prices and very aggressive marketing, “it became almost impossible for traditional Hungarian companies – including us – to survive,” they said.

They wrote that the new market player came to Hungary a few years ago and immediately began aggressive expansion.

According to their published balance sheet for 2023, their loss is more than 1 billion forints, their balance sheet for 2024 has not yet been published. But they continue to offer more and more destinations well below net prices, open their own offices and shops all over Hungary, and spend millions on marketing. People are forced to travel with them, as they offer below-cost prices and huge advertising. “Our goal is to kill Hungarian companies and become monopolists in the Hungarian market,” they said.