Launched in November 2015, the liquidation process of the French group Fram is still ongoing. Almost seven years later, an outcome seems to be on the horizon for the Moroccan subsidiaries: a meeting is planned in this regard in Toulouse at the end of June. The details.
The tourism company created by a few friends in Toulouse in 1949 filed for bankruptcy a few years ago. Seven years later, its liquidation is still in progress. Indeed, unlike the British tour operator, for which there is nothing left in the coffers, on the Toulouse side, the Fram group showed on its last balance sheets when the procedure was opened, some 25 million euros in cash cash in the accounts of Moroccan subsidiaries, according to Tourmag. Because, explains the media specialist in French-speaking tourism, in October 2014, Voyages Fram (owner of the Moroccan subsidiaries) triggered a judicial liquidation.
Part of the money from the sale is transferred to Toulouse. The second part is kept in sequestration in Morocco, as liability guarantees for the Atlas Hospitality Morocco Group, up to 70 million DH, or approximately a quarter of the total sale price (approximately 450 million DH). But things don’t go as planned. Fram fails in its commitments. End of 2015: the Commercial Court of Toulouse orders the liquidation of the Toulouse Group.
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As a reminder, Fram Orange Tours, on which the Framotel Morocco subsidiaries depended, as well as the International Tourism Cars (ITC) subsidiary was the property of Voyages Fram. In 2013, the latter sold 4 of its hotels (Idrissides, Volubilis, Jardins de l’Agdal and Les Dunes d’Or) to the Atlas Hospitality Morocco Group due to financial difficulties. “On the slightly less than 70 million DH remaining in the escrow account, there was a liability of the subsidiaries as well as a liability that Voyages Fram owed to the buyer Atlas Hospitality”, specifies Ali Berrada, the auditor of the Moroccan subsidiaries ITC, Fram Orange Tours and Fram Hotel, quoted by TourMag. And the latter to add that at the time of the sale in 2014, Voyages Fram had insisted on keeping a percentage of rooms for its activity, but the Group did not fulfill its obligations. “Atlas Hospitality attacked it claiming a huge sum, around 40 million DH. We managed to negotiate with the Group, to compensate them a little for the quota and the commitments not respected”, he affirms, noting that there was also a tax audit for the hotel Les Idrissides, in which Voyages Fram had to pay certain amounts of liabilities.
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“This dispute lasted for a while, but we ended up settling it, around 20 million DH, at Atlas Hospitality. At the same time, it was necessary to settle the social liabilities and the normal liabilities (suppliers, taxes, personnel of the subsidiaries), they had to be compensated, in agreement with those responsible for the liquidation in Toulouse and in Morocco”, explains the auditor. Moroccan subsidiaries. Information confirmed by a judgment of the Commercial Court of Toulouse dated June 30, 2020. “There has therefore been a kind of amicable liquidation, even if the subsidiaries, for the time being, are still not liquidated” , concludes Ali Berrada. A meeting a meeting is planned in this direction in Toulouse at the end of June, with the representatives in Toulouse to proceed with the dissolution of the companies by liquidation.