The March 2021 ATOL renewal process presented many challenges for travel businesses. The number of ATOL holders fell significantly compared to pre-pandemic levels as many firms were unable to complete the renewal process in time. The CAA took a robust approach in assessing businesses and frequently required additional security or cash injections through new equity or loans. For smaller ATOL holders, the CAA included extensive post-balance sheet financial information in their assessments, which was difficult for many firms to obtain in a timely manner. Firms can no longer rely solely on the online self-assessment test due to the CAA's expanded review approach.