What of the future?
1. There is a cohort of Airbus-trained crew looking for new employers.
2. There are a number of Airbus a/c looking for new owners or operators.
3. There are well over a million people who want to go on holiday to the destinations that were served by TC.
4 Their competitors in the UK market fly Boeing and there aren't spare Boeings on the market at least until the Max is allowed to fly.
To me the only obvious provider of replacement holidays is the relaunched easyJet holidays, but only of course for the short haul market, in which (with the rise of Jet2) they were an increasingly minor player. And that would maintain competition in this market.
But I can't see who is going to offer any compensation to TUI in the longhaul business.