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 Rachel Reeves Rachel Reeves Chair, Business, Energy and Industrial Strategy Committee 2:03 pm, 25th September 2019

The BEIS Committee believes that Thomas Cook’s directors and auditors have serious questions to answer. In the past five years, £20 million in bonuses has been paid to directors, and the company has now gone under with debts of more than £3 billion. Will the Secretary of State for Transport confirm that the directors of Thomas Cook will not be able to continue as directors at any other firm until the Insolvency Service has completed its investigation? Will the Government commit to replacing the FRC with a regulatory framework that holds directors to account, as our Committee has called for?