Thomas Cook goes bust leaving thousands stranded
By Charles Kelly Author of Yes, Money Can Buy You Happiness
and creator of Money Tips Podcast
and creator of Money Tips Podcast
People booking package holidays, as opposed to flight only
deals, are covered by the ATOL
protection scheme.
deals, are covered by the ATOL
protection scheme.
About ATOL
The law says your holiday must be protected if it is a
package holiday. ATOL (which stands for Air Travel Organiser’s Licence) is a UK
financial protection scheme and it protects most air package holidays sold by
travel businesses that are based in the UK. The scheme also applies
to some flight bookings, usually those where you book flights (including UK
domestic flights) but do not receive your tickets immediately.
package holiday. ATOL (which stands for Air Travel Organiser’s Licence) is a UK
financial protection scheme and it protects most air package holidays sold by
travel businesses that are based in the UK. The scheme also applies
to some flight bookings, usually those where you book flights (including UK
domestic flights) but do not receive your tickets immediately.
ATOL was first introduced in 1973, as the popularity of
overseas holidays grew. After a number of high profile travel business failures
left people stranded overseas the UK Government realised consumers required
protection when their travel providers fell into difficulties. ATOL currently
protects around 20 million holidaymakers and travellers each year.
overseas holidays grew. After a number of high profile travel business failures
left people stranded overseas the UK Government realised consumers required
protection when their travel providers fell into difficulties. ATOL currently
protects around 20 million holidaymakers and travellers each year.
If a travel business with an ATOL ceases trading, the
ATOL scheme protects consumers who had booked holidays with the firm. It will
support consumers currently abroad and provide financial reimbursement for the
cost of replacing parts of an ATOL protected package.
ATOL scheme protects consumers who had booked holidays with the firm. It will
support consumers currently abroad and provide financial reimbursement for the
cost of replacing parts of an ATOL protected package.
The scheme is designed to reassure consumers that their
money is safe, and will provide assistance in the event of a travel business
failure.
money is safe, and will provide assistance in the event of a travel business
failure.
Statement by the CAA (Civil Aviation Authority):
Thomas Cook has confirmed that all the UK companies in
its group have ceased trading, including Thomas Cook Airlines.
its group have ceased trading, including Thomas Cook Airlines.
As a result, we are sorry to inform you that all holidays
and flights provided by these companies have been cancelled and are no longer
operating. All Thomas Cook's retail shops have also closed.
and flights provided by these companies have been cancelled and are no longer
operating. All Thomas Cook's retail shops have also closed.
The Government and the Civil Aviation Authority are now
working together to do everything we can to support passengers due to fly back
to the UK with Thomas Cook between 23 September 2019 and 6 October
2019. Depending on your location, this will be either on CAA-operated
flights or by using existing flights with other airlines.
working together to do everything we can to support passengers due to fly back
to the UK with Thomas Cook between 23 September 2019 and 6 October
2019. Depending on your location, this will be either on CAA-operated
flights or by using existing flights with other airlines.
If you are already abroad you will find all the
information you need about your arrangements to get home on this website.
information you need about your arrangements to get home on this website.
If you are due to depart from a UK airport with Thomas
Cook Airlines, please do not travel to your UK airport as your flight will not
be operating and you will not be able to travel.
Cook Airlines, please do not travel to your UK airport as your flight will not
be operating and you will not be able to travel.
This repatriation is hugely complex and we are working
around the clock to support passengers.
around the clock to support passengers.
For more information, visit:
You can also claim back money which you paid using your
credit card under and even your debit card under the banking ‘charge back’
scheme. Contact your credit card provider or bank.
credit card under and even your debit card under the banking ‘charge back’
scheme. Contact your credit card provider or bank.
Thomas Cook is probably the oldest travel agency in the
world with roots going back to 1841 when the original Thomas Cook arranged a
rail excursion from Leicester to Loughborough.
world with roots going back to 1841 when the original Thomas Cook arranged a
rail excursion from Leicester to Loughborough.
Recently, it has become burdened with debt and has run out
of cash and support from its bankers, leaving the directors no other choice but
to put the company into liquidation.
of cash and support from its bankers, leaving the directors no other choice but
to put the company into liquidation.
What is the underlying problem?...listen to the full podcast
for more thoughts and insights into the demise of the once dominant travel
agent.
for more thoughts and insights into the demise of the once dominant travel
agent.
Word of the Day
Liquidation
Liquidation is the legal ending of a limited company, stopping
the company from doing business, or employing staff. It is also possible for a
company to be technically solvent, but unable to repay debt. This occurs when a
company is “cash insolvent” and with assets that exceed its liabilities,
but unable to source additional funds.
the company from doing business, or employing staff. It is also possible for a
company to be technically solvent, but unable to repay debt. This occurs when a
company is “cash insolvent” and with assets that exceed its liabilities,
but unable to source additional funds.
The primary difference between the two procedures
is that company administration aims to help the company repay debts
in order to escape insolvency (if possible), whereas liquidation is
the process of selling all assets before dissolving the company completely.
is that company administration aims to help the company repay debts
in order to escape insolvency (if possible), whereas liquidation is
the process of selling all assets before dissolving the company completely.
There are more examples and practical steps to getting rich
and being happy in my book, Yes, money can
buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F
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and being happy in my book, Yes, money can
buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F
System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.
If you would like more information about the Cyprus ‘Golden
Visa’ investment programme, email charles@charleskelly.net
Visa’ investment programme, email charles@charleskelly.net
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