Originally Posted by
CEJM
Thanks Pholling, that is fair enough. Regarding the Monarch statement you are wrong but to be honest that is in the past anyway. We can only hope that the same doesn’t happen to the Thomas Cook employees!
I do stand corrected, thank you. At the time of the insolvency only about 20% of Monarchs passengers were ATOL protected. I don't know what TC's ratios are. Incidentally, the collapse of Monarch triggered a big review of Airline Insolvency in the UK. One of the basic outcomes is that while it isn't strictly necessary to suspend the OL and AOC for an insolvent airline it is the default, especially if the CAA was not involved in the process leading up to insolvency. The review recommended the a 'special administration regime' be setup to better manage airline insolvency. This would allow a gradual wind down of operations.
https://www.gov.uk/government/public...w-final-report