The British Government defends its decision not to provide financial assistance to Thomas Cook

The Secretary of State of Commerce of the United Kingdom, Andrea Leadsom, defended on Tuesday before the commission investigating the bankruptcy of Thomas Cook, the refusal of the Government to provide financial assistance to the tour operator, ensuring that it would not have been possible to restore the economic health of the company.

When asked about when he was aware that Thomas Cook was seeking help from the Government, Leadsom said it was «probably a month before the company finally went into liquidation,» although he added that one week before bankruptcy there was a meeting of the cabinet on contingency plans.

This Tuesday, the commission investigating the bankruptcy of Thomas Cook in the British Parliament, where former tour operator executives have faced criticism from the deputies over the collapse of the oldest travel company in the world, has started.

The commission criticized the dome for not having reduced the level of indebtedness of the company, for not updating its business model and for not presenting accounts showing its financial situation.

During the intervention of the former CEO, Peter Fankhauser, the manager explained that the help of the British Government would have secured the tour operator’s restructuring plan and would have done more for the business than simply preventing the collapse. Along the same lines, the company’s former president, Frank Meysman, has also been shown.

On October 22, the Committee will also question the auditors of Thomas Cook, PwC and EY, the Financial Information Council and the Insolvency Service.

In addition, they will have to appear the former chief financial officer of Thomas Cook, Bill Scott, as well as former CEOs Harriet Green and Manny Fontenla-Novoa, although for them the date needs to be confirmed, according to the British Parliament.