Metro 1 Travel and Technology liquidated after failed restructure

Metro 1 Travel and Technology Pty Ltd, the operator of Australian rail booking platform Rail Online, has been placed into liquidation following a short-lived voluntary administration that failed to produce a recapitalisation or sale. Matthew Byrnes and Andrew Hewitt of Grant Thornton were appointed voluntary administrators on 26 November 2025 and became liquidators on 31 December 2025.

The appointments bring to an end efforts to restructure the four-year-old travel technology business, which provided Australian travel agents and consumers with access to international rail services across Europe, the United States, and Japan. Rail Online’s booking platform ceased processing new ticket sales following the administrators’ appointment, although existing customer bookings were stated to remain valid for travel.

According to filings lodged with ASIC, Metro 1 Travel and Technology collapsed owing approximately $2.7 million to creditors. The liabilities include significant employee entitlements and unsecured trade debts, reflecting the company’s inability to stabilise cash flow as revenues failed to scale.

The administrators said the business had pursued growth while operating on a relatively lean cost base but was ultimately unable to generate sufficient revenue to service legacy debts as they fell due. The company’s sole director told the administrators that management had planned to address the balance sheet and fund expansion through a proposed $12 million capital raise, which did not proceed.

The move to liquidation followed creditor pressure from a major European rail services counterparty, which sought repayment of amounts outstanding and declined to continue trading on existing terms. That demand effectively removed the platform’s ability to access core inventory, undermining the viability of the business during administration.

The administrators also flagged that Metro 1 Travel and Technology may have been insolvent for several months prior to their appointment, a matter now subject to further investigation in the liquidation. While the liquidators explored interest from potential purchasers during the administration period, no transaction was completed before creditors resolved to wind up the company.

The liquidation leaves Rail Online’s intellectual property and remaining assets to be realised for the benefit of creditors, with unsecured creditors expected to face limited recoveries once priority claims are satisfied.