PALMA, Majorca — Its sales topped Cdn$850 million a year but the Lowcost Travel Group had lodged a bond worth just $1.8 million with Spain’s travel agency regulator.

More than 140,000 travellers are said to be out of pocket after Lowcost Travel Group went belly up over the weekend, and claims for their lost holidays could reach $85 million. That means those travellers could get just $12.83 in compensation, according to TravelMole.

Known as one of Britain’s biggest online booking companies, the company moved its head office to Spain’s Palma, Majorca and was no longer covered by the UK’s ATOL compensation fund.

Travellers who paid by credit card could seek compensation from the card companies. It will be interesting to see if the card companies continue to pay up for end-supplier failure, especially in major cases like this with tens of millions of dollars at stake.

Lowcost Travel Group’s failure sent travel agents in the UK, Europe, Australia and beyond scrambling to rebook travellers. Best known for lowcostholidays.com, the group operated several other travel industry interests including a bed bank, lowcostbeds.com A.G.

Lowcost Travel Group issued a statement on its website, saying it “deeply regret[s] to announce that the lowcosttravelgroup (‘LCTG’) ceased to trade on 15 July 2016, following exhaustive attempts by the group’s directors to rescue the group, which were hampered by the recent and ongoing turbulent financial environment.”