assets, according to the first statement of affairs since it went into liquidation in December.

Mr. Llewellyn Peniston's firm made a net loss of $281,699 between August, 1990, and April 27, 1992, states a report by accountants Kempe & Whittle.

While income for this 19-month period came to $544,256, expenses soared to $754,340.

On top of this was $71,715 which the firm lost on the sale of its principal asset, the charter boat M. V. Reef Goddess .

After Bermuda Vacations collapsed, the boat was bought at auction by Mr.

Robert Thomson, who owned 40 percent of the firm.

Proceeds from the sale -- and a further $154,423 thrown in by Mr. Thomson -- went to pay off the company's debt to its principal creditor, Bermuda Commercial Bank.

The biggest drain on Bermuda Vacations' resources was salaries, which amounted to $188,553 for the 19 months, followed by boat expenses of $171,459 and advertising of $91,657.

Bar and restaurant expenses came to a total of $108,505, or $1,427 per week.

Interest expense came to $64,415; depreciation, $36,755; other expenses, $35,909; office expenses, $24,509, taxi transfers, $18,199; and commissions, $14,379.

Official Receiver Mr. Malcolm Butterfield, who has been appointed provisional liquidator, has called the first creditors meeting for March 19, 1993, at Kempe & Whittle's offices, in Reid Street, Hamilton.

Bermuda Vacations was incorporated as a local tour boat company on July 8, 1987 and operated from the same offices as its sister company Bermuda Travel & Shipping, which has also gone bust.

In a report to creditors, Mr. Butterfield states: "In 1991, Bermuda Vacations entered into an agreement with another related company, Bermuda Excursions, also in liquidation, to charter for hire a boat known as the M. V. Longtail .

"Bermuda Vacations agreed to pay all operating costs of that boat, in addition to a monthly rental charge of $4,000.

"The company was unable to generate sufficient income to meet its debt obligations and additional paid in surplus was obtained from the shareholders to meet the ongoing expenses of the company.'' Despite this new cash injection, the company went bust last spring when Bermuda Commercial Bank called in a loan.