Thomas Cook - Statement

Part of the debate – in the House of Lords at 3:54 pm on 25th September 2019.

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Photo of Baroness Vere of Norbiton Baroness Vere of Norbiton Parliamentary Under-Secretary (Department for Transport) 3:54 pm, 25th September 2019

I assure my noble friend that those very same questions went through my mind as I was going through the contingency planning for all the options that we had for this eventuality. Insolvency law in this country does not allow that; the number of indemnities that would be required is enormous. We will be looking as a matter of urgency at whether we can put something in place.

One point that is a slight mitigation here is that most of the Thomas Cook aircraft are leased, and therefore they automatically go back to the leasing company. One would not be dealing with Thomas Cook at that point but with however many tens of leasing companies in order to operate the planes owned by those companies.