Thomas Cook

Part of the debate – in the House of Commons at 2:03 pm on 25th September 2019.

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Photo of Grant Shapps Grant Shapps The Secretary of State for Transport 2:03 pm, 25th September 2019

I understand my right hon. Friend’s concern, and I congratulate him on his work over the past few days with his constituents who have lost their jobs.

We have touched on this before, and there have been a lot of reports in the newspapers, but it is important to allow the correct channel, the official receiver, to do its job. I stress to the House that, under the Insolvency Act 1986, the official receiver, as liquidator, may seek to overturn a range of transactions made prior to the liquidation, which includes things like bonuses, although I think we need to leave it to due process to see whether that would be appropriate.

There is also the Company Directors Disqualification Act 1986, and I fully support that idea. As I said in answer to a previous question, the Government were concerned to ensure that we did not prop up an organisation that was already doing things wrong.