Begbies Traynor has been appointed liquidators of the £300 million Travel agency Omega Travel. The agency has collapsed less than two months after its Atol licence was revoked.

An urgent investigation is underway to recover more than £20 million owed to creditors, its expected that the figure may go up as the liquidators investigate further.

Liquidators are not normally appointed as quickly, which says that there are concerns over the numbers involved in the liquidation and the mess that has been left behind.

The company launched in 1965 and specialised in travel to and from the Far East, the agency is based in Milton Keynes, and also had branches in London, Manchester, Birmingham and Edinburgh.

Paul Stanley and Dean Watson, of Begbies Traynor, have been appointed as joint compulsory liquidators.

Stanley, regional managing partner, said: “The official receiver appointed us as liquidators within 24 hours of the winding up order being issued. This demonstrates the urgency of action being taken and the magnitude of the numbers involved.

“We are already arranging interviews with staff and directors at the company as well as liaising with creditors. We are at an early stage in proceedings but we are making significant progress and have identified at least £20m owed to creditors. “We will update interested parties as we advance our detailed investigations into the exact whereabouts of the company’s assets.”

Omega Travel traded under various names including Far East Travel Centre, Budget Travel, Travelsky.co.uk and Chinese Travel Shop. Recently it changed its name to Milburn Travel.