There's a sort of game that is played between TAs/TOs and the Commission for Aviation Regulations(CART).
When the license has not been renewed CART warns the TA not to trade. But in reality CART tend not to do anything to that TA if that TA continues trading for a week or so because...
a) There may only be a technical reason that everything is not in order-missing signature, wrong-dated cheque,mislaid documents etc- and CART knows that the TA has funds and a good track record.
b) CART knows it may have erred or been slow in not issuing the license and are reluctant to force the agent to immediately stop trading - and make people unemployed.
So CART tend to act warily at first-they want to be reasonable (- and also not to get sued in case they've erred). They issue a warning to cease trading but they know the TA won't act on it. And after a week or so everything is O.K.
In 28 years since this licensing law came in CART refuse to renew only a couple of applications each year . An agent who applies has usually gone thru all the steps, arranged the finances, got his audited accounts in order- and wants to keep trading.
For tour operators (TOs) CART are stricter, but they still tend to be reasonable.
After all, closing down a company with passengers abroad, with families looking forward to a holiday and throwing staff on the dole is not an easy decision.
CART really have to believe that the public is at financial risk before they close a tour operator or large travel agency.
The fact that CART has come down so hard on Budget Travel with nearly 200 staff still employed suggest that CART must be really concerned about Budgets finances.
Or maybe, the boss of CART had a rotten holiday with Budget Travel....
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(PS Graham on another subject ; look at the information sheet on new VAT rules for TAs on Revenue.ie -I may ask you a question in another thread.)