Corporate Travel Management (CTM), the ASX-listed travel agency, has been in a prolonged state of financial uncertainty following the discovery of misconduct in its UK operations.

Nine years after VGI Partners initially criticised CTM’s practices and nine months since its shares last traded, the company is now navigating a formal safe harbour process with lenders to address outstanding debts in Britain.The safe harbour framework provides temporary protection from creditors while the business works on restructuring and negotiating repayments.

Auditors had previously been unable to sign off on CTM’s financial statements due to detected irregularities, effectively halting normal trading activities.

The company’s management is now engaging with major lenders, including HSBC, Westpac, and Commonwealth Bank, to find a workable solution for the UK obligations.

This marks a significant step towards resolving the long-standing financial and operational issues, which have drawn scrutiny from investors and market commentators.

While the outcome remains uncertain, the safe harbour process could allow CTM to stabilise operations and rebuild credibility in both domestic and international markets.