Thomas Cook’s Belgian operations announce bankruptcy
Thomas Cook’s operations in Belgium have officially been declared bankrupt, putting 500 jobs at risk.
A commercial court today ruled that Thomas Cook Retail Belgium – the largest Belgian subsidiary of the collapsed travel giant – had collapsed into administration.
Read more: FRC watchdog probes EY audit of Thomas Cook accounts
The retail arm had attempted to stay afloat despite the demise of its parent company, but failed to secure the required €5m (£4.5m) funding, local media reported.
It came after Thomas Cook’s business in the Netherlands was also declared bankrupt.
Earlier today the UK’s financial watchdog announced it has launched an investigation into EY’s audit of Thomas Cook’s latest set of financial results.
The Financial Reporting Council (FRC) has already started its probe into the auditor’s review of the doomed travel operator’s accounts, which were made up to 30 September 2018.
“The FRC will keep under close review both the scope of this investigation and the question of whether to open any other investigation in relation to Thomas Cook, liaising with other relevant regulators to the fullest extent permissible,” the watchdog said.
A spokesperson for EY said the company was cooperating with the inquiry.
Read more: Thomas Cook: Customers face two-month wait for holiday refunds
Thomas Cook, the world’s oldest travel agency, last week collapsed into administration with a £1.7bn debt pile after desperate last-minute talks fell through.
The company’s failure has forced the government to fork out millions of pounds of taxpayer money to repatriate roughly 150,000 Brits stranded aboard.
Main image credit: Getty