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i agree that GOV should only pay legal amount , its TC that has shafted its staff, i mean not even paying them, some of em wont have money in bank to cover bills
Liquidation not insolvency - assets being liquidated and sold if possible, office and all infrastructure being dismantled. Insolvency not an option.
Brand is dead now in the UK anyway, zero trust from the public, why would you bother flogging the dead horse?
Why do you think I know the process?
Perhaps I have experienced it myself?
As for 20 weeks pay not generous, given that I am a taxpayer, I consider the scheme generous.
At the time I was over the moon that I was getting the pay I was owed.
Let alone getting my notice paid, holiday paid, and redundancy pay.
Thomas Cook's 178-year history ended in ignominy for its wealthy bosses today, who have been paid more than £20million in bonuses alone over the past five years - despite the business creaking under £1.7billion in debt and a £500million pension deficit since 2013.
maybe PF will split some of his £8mill?
You've perhaps been in the fortunate position of not being at risk - most people would not consider 20 weeks for 20 years generous (well I wouln't anyway). I agree that in some ways they are fortunate to get anything given the losses that some customers might be looking at.
As I said before, limited sympathy, writing has been on the wall for a while. Perhaps they were waiting for Fosun to come in and pull the trigger and get more than Stat redundancy
It's over Paul........
PLC is dead. the company no longer exists.
A new company would have been created to pay for any work that gets done now. it will pay staff that assist with the closure process.
Best that could happen now was it to be purchased as a going concern, but that is unlikely given it is insolvent and cannot continue trading until they find a buyer.
Worse of all possible cases.
They will now just sell the parts.......
yes High Streets with shops could also not be in that picture
well Fosun could have coughed up the extra if they were that keen
or what about neset? he could have got his credit card out
Probably not for long - although numerous rampers are notable by their absence today!
Still "open" in the sense not been boarded up. Big Town Hall meeting this morning, lots of tears etc as you can imagine. It's the sort of place where people stay for decades - perhaps that was some of the problem in not embracing change, who knows.
I know a couple of people who are being kept on for a few days - basically it's a handover to the liquidators - might as well get paid for it when you don't know where the next cheque is coming from.
I find the office itself a funny one - I worked there before they moved then they relocated to it a couple of years ago. It's a huge place kitted out at great expense you would assume... just shows that they were looking at the superficial stuff like that without fixing the fundamentals
I would also add that it would be useful to understand if RBS was acting in isolation to the remaining 15 banks in the syndicate and could reach a decision to request an extra £250m in facility arrangements without their consultation or agreement given that this was placed on TCG at the very last minute during negotiations..It does feel that RBS intentionally orchestrated the D4E agreement failure.
"I dont want a holiday in the sun"........ Johnny Rotten and The Sex Pistols 1977
"noooo future nooooo future noooo future for Thomas Cook
Its easy just picture everything of your parents lifestyle
package holidays brown and beige MKS Book Club Books China and Flower arranging
freezers TV and a car
picture yourself 20 years hence and picture it all gone.
"Stat redundancy is nothing when you have put 10, 20 years in."
20 years = 20 weeks pay. if you are older it's 1.5 weeks pay per year.
A months notice is a months pay,
Current pay is another months pay.
Then you get holiday pay.
It seems a pretty good scheme to me.......
Hi Magoo , nice that you are back
yes agree re stat an insult on top of share scheme destroyed and who knows about pension
are the offices now closed is anyone staying on to close things down?
Just wondering if there is scope to challenge the administration decision given that a workable D4E swap agreement was almost completed..It would be worth reviewing RBS independant report and justification for the grounds of requesting an extra £200m which then was increased to £250m at the last minute...This feels odd given that under the original agreement the lenders were offering up new credit lines for £450m with Fosun contributing similar amount and both stakeholders were happy on this basis.
I have spoken to someone who is at the company (assume you haven't). I know you have to claim.
It's statutory redundancy and pay for the month. It can take up to 2 weeks, they were due to be paid this week. Stat redundancy is nothing when you have put 10, 20 years in.
"Think of the staff who may not be paid for their months work for a few weeks and are only entitled to statutory redundancy. "
They have to claim....
If you’re made redundant if you’re dismissed from your job.
The person who is dealing with the insolvency (the ‘insolvency practitioner’ or ‘official receiver’) must tell you how your job is affected and what to do next.
They’ll also give you a:
RP1 fact sheet
‘CN’ (case reference) number to use when you apply for money you’re owed
You can apply to the government for:
a redundancy payment
outstanding payments like unpaid wages, overtime and commission
money you would have earned working your notice period (‘statutory notice pay’)
When the dust finally settles, the blame should rest with Manny and PF. Manny committed so heavily to retail from nothing more than a blind love of it (he started out working in a shop when he was 16). And PF was part of his old boys network that didn't see much wrong with it. Both creamed insane amounts of £ for no performance. Banks had to call it in the end. I knew it was definitely all over a few weeks ago when I heard a radio ad promoting summer 2020 - unheard of a year early in summer- that was a sign that nobody was buying it so they were going to be way off their cashflow cycle. Why should a bank or the state prop up one failing company more than another?
I posted a comment on Friday and it got deleted (i think someone was trying to monitor or something). I called the cashflow thing back in July if you look back at my comments - it is exactly the same as XL. This is the exact week where the banks pull it so they don't have to pay hotels for August. Nothing to be proud of me knowing that, just my years of experience in travel.
My facebook feed is full of gutted people. I live in Peterborough and it's a huge blow for the town. Think of the staff who may not be paid for their months work for a few weeks and are only entitled to statutory redundancy. In my opinion they should have left years ago like I did but hindsight is a wonderful thing.
This page has been full of know-alls who know nothing about the business. Most of them have been very rude or critical to those of us who maybe were just trying to help. Have no sympathy with those characters but have sympathy with those people who have given years to a company that has left them with nothing.
...and it also covers any refunds not covered by Credit Card companies, of holiday payments made to TCG, that haven't happened yet, and clearly will not.
Shapps will have taken Hotel costs into consideration as its the same as Monarch but times 2
He said Monarch cost £50m
ATOL believe it or not actually covers payments to hotels (from insolvency date to end of current occupancy, AFAIK), this is why it's not just repatriation costs and could top 600million.....
I assume that some hotel owners do not know this.
All of this is on the administrators website, under suppliers to thomas cook.
rumours now that holiday makers are being chucked out of hotels as hoteliers feel they will never get paid
Wolves, she will get paid, has to make a claim....
Will get redundancy 1 weeks pay per year of service, if over 2 years
Notice pay - upto 3 months
Holiday pay, whatever was due
and any due pay, inc overrtime
The administrators should be informing staff of this!
Scum bags of this earth.
"Buck it's clear RBS went after the remaining cash before suppliers or even payrolls get processed!."
Can't deny that it sounds plausible........a week later and the coffers would have been emptied.