Insolvency of tour operators
The EU Package Travel Directive ( (90/314/EEC) regulates in Article 7 that every EU Member State has to ensure that consumers are protected in case a tour operator goes bankrupt.
Article 7 of the Directive was implemented into Austrian law in the so called "Reisebürosicherungsverordnung":
Article 7 of the Directive (90/314/EEC):
"The organizer and/or retailer party to the contract shall provide sufficient evidence of security for the refund of money paid over and for the repatriation of the consumer in the event of insolvency."