Talk Morgan Forums Community The Malvern Arms Thomas Cook bankrupt

No good news for another British business. Thomas Cook has gone bankrupt.
Hopefully you are not stranded anywhere with a return ticket that has lost its validity.

Oh dear!

https://scdn.thomascook.com/status.html

https://thomascook.caa.co.uk/

Can anyone please explain?
Thomas Cook go bust.
They now have empty planes around the world and lots of staff who could be on them, looking for work.
In the meantime the Govt are chartering planes and staff at top dollar.
Surely the Govt should say to the Receiver “your job is to raise as much as you can to pay debtors, so we are going to charter the Thomas Cook fleet, it’ll make you some extra cash.”
Thomas Cook Receiver gets income, staff get a financial boost, all holidaymakers get home on the date they expected on a plane they expected.
Win, win for all concerned.

Makes sense to me. But I guess the staff are redundant & the planes leased not owned.

Politicians with common sense is an oxymoron.

The problem with common sense is its not common .

This.

Thomas Cook has been on very dodgy ground for years, with a £1.7bn of debt.

Didn't stop the CEO and his predecessors paying themselves something near £20m quid over the last 5 years or so, though. From a company valued at just £69m.

I'm all in favour of big rewards for top performance, but this level of rewarding failure is just bizarre - and of course it's we taxpayers who end up footing the bill

This is a massive issue, and is an area that clearly needs looking at closely. There is something fraudulent about executives in charge of a failing company lining their pockets in this way, then leaving employees and creditors hanging in the wind. This sort of behaviour needs to be treated and prosecuted as fraud.

It's particularly questionable where it involves the purchase of a failing company for peanuts, followed by massive bonuses for the senior management prior to filing for bankruptcy, as was the case with Austin Rover and Debenhams for example.

The prospect of asset seizure and maybe custodial sentences might help to concentrate the minds of people in such a position

Giles, Dream on!!! In this world it wouldn't happen, far better to let some other mug pick up the pieces. I really feel for all the people who must now be wondering if they will get home. It's a real shame as Thomas Cook invented the package holiday , well that's if you ignore the Roman invasion of Britain.
I now am starting to worry as the Memsahib and I are off to Minorca for our Autumn break in a couple of weeks, but at least it's a German company.

Not really sure why its anything to do with the taxpayer as package holidays are covered by ABTA ?
Agree with Tim about payouts to senior management , and await to hear wether this has happened again !