The Insolvency Service, the UK’s bankruptcy watchdog, has reportedly cleared the bosses of global travel group Thomas Cook of wrongdoing, more than two years after the company collapsed.
“The liquidation of Thomas Cook Group is a complex and significant insolvency, with the Official Receiver carrying out his duties to ensure an orderly wind-up of the failed travel business in the interests of creditors,” said a Insolvency Service spokesperson.
“Based on findings by the Official Receiver following an investigation into the conduct of Thomas Cook’s directors, the Insolvency Service does not currently intend to bring any disqualification proceedings against the directors.”
While the watchdog’s investigation has cleared the firm’s board members, the audit of Thomas Cook’s financial statement continues to be under scrutiny by the Financial Reporting Council, the outlet reported.
Once considered the world’s oldest travel company, Thomas Cook went bust in September 2019 with £9bn of total liabilities.
Almost a year to the day, the firm was relaunched as an online-only company, partnering up with low-cost airlines such and accommodation providers such as Wed Beds and Hotel Beds instead of operating its own aircraft and hotels, City A.M. previously reported.
City A.M. has approached the Insolvency Service for comment.