The UK Civil Aviation Authority (CAA) said the tour operator has “ceased trading with immediate effect” after winding up orders were made against Thomas Cook Group plc and associated companies. The court appointed the Official Receiver as the Liquidator.
The court has appointed Special Managers to assist the Official Receiver with the liquidation. Insolvency Practitioners from AlixPartners have been appointed as special managers over the airline and tour operator companies. Insolvency Practitioners from KPMG LLP have been appointed as apecial managers to the Group’s retail division and to its aircraft maintenance companies.
All Thomas Cook bookings, including flights and holidays, have now been cancelled. All of Thomas Cook’s retail shops will close with immediate effect.
The Government is working with the UK Civil Aviation Authority (CAA) to help passengers return to the UK.
Simon Appell, Alastair Beveridge, Dan Imison and Ben Browne of AlixPartners were appointed special managers to assist the Official Receiver carry out his duties in the following airline and tour operator companies in liquidation:
- Thomas Cook Airlines Limited
- Thomas Cook Group Treasury Limited
- Thomas Cook Tour Operations Limited
- Thomas Cook Airlines Treasury plc
- Thomas Cook In Destination Management Limited
- Thomas Cook Group Tour Operations Limited
- Thomas Cook Group plc
- Thomas Cook Money Limited
- Thomas Cook Services Limited
- My Travel Group Limited
- Thomas Cook Investments (2) Limited
- Thomas Cook Continental Holdings Limited
- Blue Sea Overseas Investments Limited
- Thomas Cook Group UK Limited
- Thomas Cook Finance 2 Plc
- Thomas Cook Group Airlines Limited
- Thomas Cook West Investments Limited
- Thomas Cook UK Limited
- Thomas Cook UK Travel Limited
- Further information is available on AlixPartners dedicated website.
Blair Nimmo, Jim Tucker, David Pike, Mike Pink and Ben Leith of KPMG were appointed Special Managers to assist the Official Receiver carry out his duties in the following retail and aircraft maintenance companies in liquidation:
- Thomas Cook Aircraft Engineering Limited
- Thomas Cook Retail Limited
- TCCT Retail Limited
- The Freedom Travel Group Limited
- Future Travel Limited
- Travel and Financial Services Limited
- Retail Travel Limited
- Further information is available on KMPG dedicated website.
Rachel Reeves MP, Chair of the Business, Energy and Industrial Strategy (BEIS) said “The public will be rightly appalled that as Thomas Cook mounted up debt and as the company headed for trouble, company bosses were happily pocketing hefty pay-packages. Now, in the aftermath of the company’s collapse, as frustrated travellers are stuck abroad, when holidays are being cancelled and thousands of staff are losing their jobs, there are serious questions to answer, including about the company’s accounting practices, its renumeration policy and practice, and about the stewardship of the company. As a Committee, we are keen to seek answers to these questions and will discuss at the next meeting how we can do that.”
Mark Tanzer, The Travel Association ABTA CEO said “Along with many others in the industry, I am extremely saddened by today’s news about the demise of Thomas Cook. It is one of the UK’s most iconic travel companies and today thousands of staff are facing losing their jobs. For customers and other travel businesses working with the Group, this will be an extremely worrying time. ABTA has developed detailed advice to support customers and ABTA Members about what to do next.”
Eric Leenders, Managing Director of Personal Finance at UK Finance said “Paying with a debit or credit card can provide customers with additional protection if something goes wrong. For credit cards this protection covers the whole cost of an item or service even if the customer has only paid the deposit on credit and may cover additional reasonable expenses. Customers who are currently travelling with or scheduled to travel with Thomas Cook and have paid by credit and debit card are advised to check whether they are ATOL protected in the first instance and if not then speak with their individual bank or card issuer.”
UK Finance has produced guidance for consumers on the cessation of trading of Thomas Cook which can be found here.
Alastair Douglas, CEO of credit experts TotallyMoney, said “Providing the purchase was above £100 — and you used a credit card to book directly with Thomas Cook and not through a third-party booking site — you should be able to get your money back under Section 75 of the Consumer Credit Act.”
“Using a credit card responsibly and not spending beyond your means offers you a bit more protection, which can prove invaluable in situations such as this. The trouble is, many customers aren’t sure what they’re entitled to under Section 75.”
“Lack of knowledge of these situations often leaves consumers out of pocket, thinking there’s nothing to be done, when really that’s not the case. If in doubt, the best thing to do is speak with your credit card provider. You might be surprised at what you could get back.”