Does this mean TC has folded?

[CookieMonster54]

Originally Posted by Minnie18

Spot on I 100% agree. And where would it stop would they bail out Debenhams/Boots etc or small family businesses who are on the brink. I don't think so.

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Bail outs should only be reserved for banks as although they are private companies they are a requirement for society.

[Minnie18]

Originally Posted by Guest

I can see why Virgin (or another TA) won't buy a part of TC today to fund the 200m

Why would you buy (for example, and I know it's too cheap) their airline for 200m when you know if they go pop you can pick it up from the administrators in 3 months for 75m

It's the same as us going I need a new sofa, but I won't buy it until DFS bank holiday sale (if any business bought parts of TC right now their shareholders would crucify them as it shows terrible financial awareness to buy at a going rate something you could get a shirt while later in the bargain bin)

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Exactly and well put. There must have been other businesses intreasted at some point early on. but have maybe walked away from a deal due to the 200m only a drop in the ocean to cover there winter. It sounds to me like TC don't have a robust plan in place for anyone to take a chance on them.

[Minnie18]

Originally Posted by duchy

I do feel for their staff. I was working for a travel company that went bust , we knew it was coming and couldn't say anything to customers. I was literally fobbing customers off actually booking so they wouldn't book right before and have money tied up as although I was told book as normal but morally I wouldn't do it. It was a horrible time and I feel for the staff who I'm sure were fed a lot of lies in the last few days.
I have a friend who is due to fly to Vegas next weekend , she has not a lot of money and is going for a one time event so rebooking won't Help her. She went into her TC branch yesterday and was assured they won't go under and her flights are safe. I feel sick for her , I've worked in the business long enough to know branch staff can't give that kind of assurance and are been fed bull from above themselves at this point. It's a horrible situation.

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Aww duchy what a lovely kind person you are. I really do hope all works out well for your friend.

[blusteryday]

I was listening to LBC this morning and they had a travel journalist on. Apparently, the total funds in the ATOL compensation scheme do not cover the costs of repatriating all TC customers. I suspect a creative way will need to be found to fill this whole, if it's needed.

In addition TCs creditors are meeting this Friday, so one assumes they will continue trading until at least then.

[Minnie18]

Originally Posted by blusteryday

I was listening to LBC this morning and they had a travel journalist on. Apparently, the total funds in the ATOL compensation scheme do not cover the costs of repatriating all TC customers. I suspect a creative way will need to be found to fill this whole, if it's needed.

In addition TCs creditors are meeting this Friday, so one assumes they will continue trading until at least then.

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It's going to be a long week and a long wait for people. Such a sad situation all round.

[Minnie18]

Just watching Sky news. 900m not enough to plug the gap and the investers who showed intrested said they wouldn't give more money. The specialist Julie palmer said she can't see the Government helping and its inevitable that this will be this weekend they go bust 😢

[cartoonp]

No they asked the government to help them but we see what happens and if you booked a full holiday with them ie flights hotels ect you be covered but if you just booked flights then you will not same as extras ie car hire car parking ect you have to go though your insurance.

[YorkshireT]

Originally Posted by blusteryday

I was listening to LBC this morning and they had a travel journalist on. Apparently, the total funds in the ATOL compensation scheme do not cover the costs of repatriating all TC customers. I suspect a creative way will need to be found to fill this whole, if it's needed.

In addition TCs creditors are meeting this Friday, so one assumes they will continue trading until at least then.

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It doesn’t matter when the creditors meeting is, if they are trading insolvent. It’s illegal to trade whilst insolvent. None of us know for sure if it’s going to be solvent or insolvent through the weekend. If accountants declare it insolvent, the administrator will step straight in. Sky News suggests it’s probably insolvent. They seem to be getting insider information as they have broken all of the latest stories.

[Minnie18]

Originally Posted by YorkshireT

It doesn’t matter when the creditors meeting is, if they are trading insolvent. It’s illegal to trade whilst insolvent. None of us know for sure if it’s going to be solvent or insolvent through the weekend. If accountants declare it insolvent, the administrator will step straight in. Sky News suggests it’s probably insolvent. They seem to be getting insider information as they have broken all of the latest stories.

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Sky news always appear to get first scoop/inside knowledge. A mp said live on air last week its becouse they wine and dine people and give them champagne to drink 😂🤣 the news presenter laughed and said its prosseco over at the BBC...

[blusteryday]

Originally Posted by YorkshireT

It doesn’t matter when the creditors meeting is, if they are trading insolvent. It’s illegal to trade whilst insolvent. None of us know for sure if it’s going to be solvent or insolvent through the weekend. If accountants declare it insolvent, the administrator will step straight in. Sky News suggests it’s probably insolvent. They seem to be getting insider information as they have broken all of the latest stories.

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Thanks.