EGL Tours

I am very disappointed with this tour company. On Jan 7, 2015 we booked and put a deposit of $ 40,000 for a 22 people four day tour to Taiwan. The departure date was to be Feb 25, 2015 during the Chinese New Year Holidays. On Jan 31, 2015 we paid the remaining balance of $ 58,000 for a total tour price of $ 98,000 for 22 travellers. I was travelling back from Vancouver, Canada just to join my family for this reunion. On Feb 11 we were informed by EGL Tours that our tour was cancelled because EGL Tours was unable to book airfare tickets. I feel their reason for our tour being cancelled is very weak, inadequate, unprofessional and almost fraudulent. I can understand as a tour company they have the right to cancel tours based on certain reasons such as the tour group not filling because it could not run profitably or that the destination is not safe. However, I feel the reason given by EGL is quite lame: that they were unable to book airline tickets. I feel it has more to do with their incompetency or that they were simply able to sell our booked tickets to a higher bidder because it was during Chinese New year.
Their policy is that if they give notice of cancellation within 7 days that they have no other financial obligation. EGL’s policy has very little protection for me the consumer who flew back from Vancouver to Hong Kong to join my family on a New Year vacation that was cancelled and ruined by EGL’s incompetency and unfair practices.