"Luca de Meo's departure is unequivocally a blow to Renault"
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The shock announcement of Renault Group CEO Luca de Meo's departure will have a profound effect internally and externally after he transformed a company driven to the brink of collapse by the Covid pandemic.
'Luca de Meo's departure is unequivocally a blow to Renault,' said Stephen Reitman, automotive analyst at the bank Bernstein, of de Meo's decision to leave the industry altogether for the luxury goods world, specifically as head of Gucci owner Kering. 'We are saddened by the loss,' he added.
If Reitman's response makes it sound more like a death than a resignation, that's because of the enormous impact de Meo has had on Renault since joining July 2020.
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British legislation mandates that all holiday companies selling trips and flights must be covered by an ATOL licence, providing financial safeguards to their clientele. This protection plan ensures that should a travel business fold, customers are entitled to complete their holiday or receive full reimbursement, reports Wales Online. In the wake of the company's collapse, ATOL (Air Travel Licensing Scheme) stated that it was "currently collating information from the company" and would provide advice as soon as possible. It advised people who might have been affected not to submit claims yet, as they would be rejected. But hundreds of summer holidays are now at risk and people are scrambling for answers. The authority also provided clear instructions for associated travel agents, stating: "If you are a travel agent of Great Little Escapes LLP and you are currently holding consumer payments which you have not yet paid to Great Little Escapes LLP, you must not use these funds to refund consumers until you have received instructions from the Air Travel Trust." This latest travel agent flop is bound to rattle the nerves of bargain-hunting holidaymakers who'd rather save on the booking so they can splash the cash on cocktails and souvenirs on their hols. What to do if your holiday company goes bankrupt So, what do you do if your holiday company goes bankrupt? What are your rights, and can you recover your money? Finding out your holiday company has gone bust can be a nightmare for travellers looking to jet off for a much-needed break. Luckily, there are several laws and regulations in place to help you get your money back if things go wrong. 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Sign up for the North Wales Live newsletter sent twice daily to your inbox In some cases where you've paid by credit card, they may direct you to contact your card issuer for a refund. For more details, visit their website. How to make a claim Check your ATOL certificate or invoice to confirm that the trip was ATOL-protected and lists the ATOL holder. Visit the CAA ATOL Claims Portal to submit your case as the Lead Passenger You'll need to provide an ATOL certificate/reference, booking and payment details, receipts for any extra costs The CAA then processes the claim and may seek reimbursement through a credit card provider (Section 75), in some cases. Will Travel insurance cover me? Travel insurance doesn't usually cover you if your holiday company goes bust - but some policies do include cover for things like "end supplier failure" or "scheduled airline failure." It's definitely worth having a quick look at the fine print to see if you're protected. Do I have Credit card protection? 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