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Thomas Cook: Insolvency

Department for Transport written question – answered on 31st October 2019.

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Photo of Baroness Doocey Baroness Doocey Chair, Finance Committee (Lords)

To ask Her Majesty's Government what plans they have to conduct a review of the collapse of Thomas Cook; and if so, to what timescale.

Photo of Baroness Vere of Norbiton Baroness Vere of Norbiton Parliamentary Under-Secretary (Department for Transport)

The Secretary of State for Business, Energy and Industrial Strategy has written to the Financial Reporting Council to ensure they prioritise, as a matter of urgency, an investigation into both the causes of the company’s failure and the conduct of its directors.

The FRC will conduct a robust investigation into the preparation of the company’s accounts in compliance with these standards and seek areas where lessons may be learned.

Thomas Cook Group prepared their accounts using EU-adopted International Financial Reporting Standards, which are set by the International Accounting Standards Board and used in 125 countries worldwide.

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