Milky Posted September 23, 2019 Report Share Posted September 23, 2019 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? 1 Quote Link to comment Share on other sites More sharing options...
asperity Posted September 23, 2019 Report Share Posted September 23, 2019 Better ask the German company that owns it? Quote Link to comment Share on other sites More sharing options...
Confused52 Posted September 23, 2019 Report Share Posted September 23, 2019 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. Quote Link to comment Share on other sites More sharing options...
Milky Posted September 24, 2019 Author Report Share Posted September 24, 2019 14 hours ago, asperity said: Better ask the German company that owns it? Doesn't own it anymore Quote Link to comment Share on other sites More sharing options...
Milky Posted September 24, 2019 Author Report Share Posted September 24, 2019 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 Quote Link to comment Share on other sites More sharing options...
Confused52 Posted September 24, 2019 Report Share Posted September 24, 2019 The court granted a compulsory winding up order, not a voluntary one. Curtains. Quote Link to comment Share on other sites More sharing options...
Milky Posted September 24, 2019 Author Report Share Posted September 24, 2019 38 minutes ago, Confused52 said: The court granted a compulsory winding up order, not a voluntary one. Curtains. Ok, still don't get why? Quote Link to comment Share on other sites More sharing options...
Confused52 Posted September 24, 2019 Report Share Posted September 24, 2019 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. Quote Link to comment Share on other sites More sharing options...
asperity Posted September 24, 2019 Report Share Posted September 24, 2019 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. 1 Quote Link to comment Share on other sites More sharing options...
Observer II Posted September 26, 2019 Report Share Posted September 26, 2019 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. ? Quote Link to comment Share on other sites More sharing options...
Milky Posted September 26, 2019 Author Report Share Posted September 26, 2019 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! Quote Link to comment Share on other sites More sharing options...
Davy51 Posted October 6, 2019 Report Share Posted October 6, 2019 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. Quote Link to comment Share on other sites More sharing options...
Milky Posted October 6, 2019 Author Report Share Posted October 6, 2019 The German government bailed out the parent company with £300 million pounds. Why is it German EU law is different from UK EU law? Quote Link to comment Share on other sites More sharing options...
asperity Posted October 7, 2019 Report Share Posted October 7, 2019 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.................................... 1 Quote Link to comment Share on other sites More sharing options...
Evil Sid Posted October 7, 2019 Report Share Posted October 7, 2019 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....🤔 1 Quote Link to comment Share on other sites More sharing options...
Observer II Posted October 10, 2019 Report Share Posted October 10, 2019 Could Hays Travel save the day ? 1 Quote Link to comment Share on other sites More sharing options...
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