Collapsed tour operator, Calypso Destinations, has $3 million worth of debt

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A NSW tour operator specialising in cricket tours for young players has collapsed leaving $3 million worth of debts — but it may have been trading while insolvent as far back as July 2021.

Calypso Destinations organised overseas and local tours of sporting tournaments for young talented players and their coaches under the guidance of former state and international players.

It stopped trading in April 2024 and was placed into liquidation.

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Dozens of parents of emerging players expecting to go on a fully paid-for Indian tour were left out of pocket thousands of dollars when their trip was cancelled at the last minute, the SMH reported.

Westburn Advisory liquidator Shumit Banerjee has now said in his latest report to creditors, the company had $3,095,962 in debts and only $615 in the bank.

He also alleged the company may have been trading while insolvent since July 2021.

“My investigations to date indicate that currently there is a maximum potential claim against the director for insolvent trading of up to approximately $1.8 million,” the report said.

“The director may have a defence to any claim due to advances made to the company at certain times, same is subject to further investigation.”

Calypso Destinations is owned by Sydney businessman Kevin Tyler, who launched it in 2013.

Banerjee said the company first faced difficulties as a result of COVID-19 travel restrictions.

Refunds from service providers such as airlines and hotels were not being received in full when borders were closed unexpectedly, the report said.

But Banerjee said there may have also been poor strategic management of the business and poor cashflow that contributed to the company’s demise.

Calypso Destinations owes $224,803 to creditors, $2,872,327 to unsecured creditors and $7748 in employee entitlements.

Banerjee said the liquidator would continue to try to recover debts owed to the company and will issue a letter of demand to the director regarding claims identified.

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