Jump to content
Sign in to follow this  
Milky

Thomas Cook

Recommended Posts

Another example of highly intelligent and skillful CEOs who took millions to bankrupt a company!

Why hasn't Thomas Cook continued to operate in administration so people can be flown home and maybe parts of the business sold off to live again, anyone know?

  • Upvote 1

Share this post


Link to post
Share on other sites

Better ask the German company that owns it?

Share this post


Link to post
Share on other sites
36 minutes ago, Milky said:

Another example of highly intelligent and skillful CEOs who took millions to bankrupt a company!

Why hasn't Thomas Cook continued to operate in administration so people can be flown home and maybe parts of the business sold off to live again, anyone know?

From gov.uk

On 23 September 2019, winding up orders were made against Thomas Cook Group plc and associated companies. The court appointed the Official Receiver as the Liquidator.

From Thoscook

Despite considerable efforts, those discussions have not resulted in agreement between the Company’s stakeholders and proposed new money providers. The Company’s board has therefore concluded that it had no choice but to take steps to enter into compulsory liquidation with immediate effect.

An application was made to the High Court for a compulsory liquidation of the Company before opening of business today and an order has been granted to appoint the Official Receiver as the liquidator of the Company.

comment:

Clearly the company was insolvent without extra cash and it is unlawful to trade whilst insolvent. Assets may be sold off later by the official receiver but for now all Thomas Cook assets are government property.

Share this post


Link to post
Share on other sites
14 hours ago, asperity said:

Better ask the German company that owns it?

Doesn't own it anymore 

Share this post


Link to post
Share on other sites
13 hours ago, Confused52 said:

 

comment:

Clearly the company was insolvent without extra cash and it is unlawful to trade whilst insolvent. Assets may be sold off later by the official receiver but for now all Thomas Cook assets are government property.

But the administrator/receiver can run it, example the steel Co that recently went bump (forget the name), Trafalgar House - even though they hardly had any assets - BHS and others

Share this post


Link to post
Share on other sites
38 minutes ago, Confused52 said:

The court granted a compulsory winding up order, not a voluntary one. Curtains.

Ok, still don't get why? 

Share this post


Link to post
Share on other sites
2 hours ago, Milky said:

Ok, still don't get why? 

Administration relies on the ability or the Administrators to fund the costs of the business while it is being restructured or sold, without making a loss itself. In the case of TC there clearly wasn't a firm prepared to take the job on. That is why, it was too far gone.

Share this post


Link to post
Share on other sites

You can't just fly a plane to any airport without the financial backing of anyone able to demonstrate their ability to pay landing fees/airport charges/fuel charges and without the plane having current certification. Part of the problem has probably been the inability to pay these charges. The real world is a lot more complicated than you might think.

  • Upvote 1

Share this post


Link to post
Share on other sites

I think what this episode underlines is the dependency of S/Europe on British tourism and the amount of employment it creates in Countries with up to 40% youth unemployment. Perhaps these EU Countries need to dwell on the fact of such reliance on the UK, when planning for Brexit. ?

Share this post


Link to post
Share on other sites
On 9/24/2019 at 4:00 PM, asperity said:

You can't just fly a plane to any airport without the financial backing of anyone able to demonstrate their ability to pay landing fees/airport charges/fuel charges and without the plane having current certification. Part of the problem has probably been the inability to pay these charges. The real world is a lot more complicated than you might think.

So you don't know!

Share this post


Link to post
Share on other sites

We got back from Fuertaventura late last night & there were  TC hotels shut down there. The locals were bemoaning the lack of customers , but we did manage to see a newly liveried  ,post bail out Thomas Cook plane  back on the tarmac in F/ventura as we were boarding our flight. I think this whole episode could well be a ploy to slim down the company into its profitable parts & probably re emerge  as an internet only outfit. You would really expect the good burghers of Brussels to be all over failing travel companies when much of the financial health of  EU sunshine states depends on tourism.

Share this post


Link to post
Share on other sites

The German government bailed out the parent company with £300 million pounds.

Why is it German EU law is different from UK EU law?

Share this post


Link to post
Share on other sites

I don't think it is Milky, it's just that we tend to obey the EU laws while everyone else obeys the ones they want to....................................

  • Upvote 1

Share this post


Link to post
Share on other sites

Or in the case of the French blockade the ports....🤣

On the plus side there will be less disruption when the annual French air traffic control strike is on....🤔

  • Haha 1

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

×
×
  • Create New...