The Monaco Court of First Instance has officially declared travel agency Star Croisières bankrupt, with liabilities of €8 million and a criminal investigation now underway…
The ruling, delivered on Tuesday, August 5, follows days of mounting outrage from cruise passengers across Europe, hundreds of whom claim they were left stranded after paying the agency for trips that were never honoured. The court also appointed a trustee to investigate the company’s financial records and set the insolvency date provisionally to January 1, 2025, as reported by Monaco Matin.
Stefano Valentini, co-founder of the Boulevard des Moulins agency, appeared in court and attributed the financial collapse to COVID-era rent costs and staff obligations. However, the presiding judges strongly criticised the company for delaying its bankruptcy filing, arguing that action in late 2024 could have protected hundreds of customers. “You tried to save the company at the expense of your customers,” said assessor Thierry Deschanels, while Deputy Attorney General Christine Mutiloa confirmed the launch of a criminal inquiry, declaring: “There will be things to dig into.”
The situation has created chaos for cruise-goers, many of whom had already paid in full. MSC Cruises initially demanded fresh payments from affected passengers, before partially reversing its decision and offering alternative solutions. Yet confusion remains, with some cabins reportedly resold and clients receiving mixed messages. As the fallout continues, the legal spotlight now turns to Star Croisières’ accounting practices and the human cost of a mismanaged financial storm.
