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Thomas Cook Group plc insolvency: proceedings and outcome

Thomas Cook Group plc, a UK tour operator and airline group, ceased trading on 23 September 2019 when winding-up orders were made against it and associated companies. The court appointed the Official Receiver as liquidator, assisted by special managers from AlixPartners (airline and tour operator companies) and Interpath Advisory (retail and aircraft maintenance companies). The UK government worked with the Civil Aviation Authority to bring passengers home, and the Official Receiver announced in July 2024 that 280 million GBP recovered from the group would be returned to creditors.

Liquidated The group was liquidated. Hays Travel agreed to acquire the UK retail estate of 555 stores and easyJet bought Gatwick and Bristol airport slots for 36 million GBP. The government says there is no prospect of a return for shareholders.1

First filing23 September 2019
Proceedings1

Wikipedia reports a debt load of about 1.6 billion GBP before the collapse. Figures as of 2019.3

Proceedings

TypeCourt or bodyCaseFiled
Liquidation (compulsory)1Court winding-up orders, with the Official Receiver as liquidator, England and Wales23 September 2019

Timeline

  1. Fosun agreed a 450 million GBP deal for 75% of the tour business and 25% of the airline, which was not completed.3
  2. Winding-up orders were made against Thomas Cook Group plc and associated companies and the Official Receiver was appointed liquidator. All bookings were cancelled and retail shops closed.1
  3. Fosun International bought the Thomas Cook name and logo and the Casa Cook and Cook's Club hotel brands for 11 million GBP.3
  4. A further 27 group companies were wound up on the directors' petition.1
  5. The Official Receiver announced that 280 million GBP recovered from the group, including from airport slots, hotel investments and former high-street stores, would be distributed to creditors.2

Creditor recovery

The Official Receiver said in July 2024 that 280 million GBP would be returned to creditors across 57 companies in liquidation, with rates differing by company. Notices of declaration of dividend were published on 1 October 2024.2,1

Sources

  1. The Insolvency Service (GOV.UK), Thomas Cook: information for landlords, customers, personal injury claimants, employees, creditors and shareholders (1 October 2024)
  2. The Insolvency Service (GOV.UK), Official Receiver to return 280m recovered from the Thomas Cook group of companies (8 July 2024)
  3. Wikipedia, Thomas Cook Group (27 October 2026)