A criminal investigation is now underway following the collapse of Monegasque travel agency Star Croisières, which has been officially declared bankrupt by a Monaco court after leaving hundreds of holidaymakers out of pocket.
Judges delivered their ruling on Tuesday 5th August, placing the company into official cessation of payments and setting the insolvency date provisionally at 1st January 2025. The appointed administrator will now begin reviewing the firm’s accounts to assess its financial position in detail.
The court action comes after a weekend of growing controversy involving a collective of more than 500 international cruise passengers who allege they paid Star Croisières for holiday bookings, only to discover that the company never transferred the funds to cruise operators such as MSC Cruises. Many travellers claim they were told they would be denied boarding unless they paid again.
While MSC Cruises has since said it will offer alternatives in certain cases, passengers have reported widespread confusion and conflicting messages. The situation escalated rapidly, drawing scrutiny from the press and the courts.
€8 million in liabilities
According to Monaco Matin, who was in court for the proceedings, co-director Stefano Valentini explained that the company, founded in 2013, suffered severe financial pressure during the Covid-19 pandemic. “We had to continue answering client queries, so we couldn’t put all staff on technical unemployment,” he reportedly said. He also cited high rent costs as a burden.
Despite a post-pandemic rebound – with reported turnover of €23 million in 2023 – the company was unable to recover. Florestan Bellinzona revealed that Star Croisières had €8 million in liabilities against €4.3 million in assets, with only €3.4 million deemed recoverable for clients, according to Monaco Matin. He noted that any future compensation provided by cruise companies would reduce that recoverable figure.
Valentini reportedly told the court that financial trouble began in December 2024, but attempts to sell the company to three interested groups – including one offering a symbolic one-euro purchase plus debt coverage – ultimately failed.
The presiding judge questioned why bankruptcy proceedings were not initiated sooner, while assessor Thierry Deschanels condemned the delay as irresponsible. “You tried to save the company at the expense of your clients,” he reportedly said.
Criminal investigation underway
The public prosecutor’s office has now opened a criminal inquiry into the case. According to Monaco Matin, Deputy prosecutor Christine Mutiloa noted irregularities in the company’s reported results, highlighting losses of €45,000 in 2023 followed by an unusual rebound to €1,475 in profits in 2024, supported by €1.6 million in “exceptional income”. She stated: “There are things that must be examined. You will have to explain yourself.”
Valentini’s lawyer, Maëva Zampori, said her client intended to cooperate fully and provide all necessary documents. “He knows he hasn’t been perfect,” she said. “But he is pleased that some of the affected passengers may still be able to go on holiday.”
However, for many travellers, uncertainty remains. Speaking to Monaco Matin, legal representative Karen Lebigre, who leads the WhatsApp group ‘Victimes de Star Croisières’, said passengers continued to receive inconsistent informationfrom MSC Cruises. Some were offered new cruise options or credit notes, while others were told that their cabins had already been resold.
A spokesperson for MSC Cruises said the company was working “case by case” to find solutions, stating that “no client will be left without options”. However, many bookings have already been cancelled or altered, and affected passengers are now awaiting confirmation of revised travel plans or compensation.
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Photo credit: Cassandra Tanti, Monaco Life