All attempts to save Thomas Cook, the second largest tour operator in the world after TUI, have finally failed. The Thomas Cook Group has filed an application for creditor protection. One can only speculate on the precise extent of the mountain of debt, which is said to possibly amount to 1.4 billion euros. What is certain, however, is that the impact on the tourism industry will be enormous. We are already receiving first enquiries from Thomas Cook business partners who have claims against the travel group and now fear payment defaults.
Which Thomas Cook company is the contractual relationship with?
Whether immediate action is necessary to avoid legal disadvantages depends on the individual case. The Group consists of various companies worldwide. Not all of them have filed for insolvency. Business partners of Thomas Cook are therefore advised to seek legal advice as to whether legal action should be taken. The first step will be to check as to which Thomas Cook company the business partner has concluded a contract with, whether this company has already filed for insolvency and whether access to the pledged collateral is possible.
What legal action should creditors take?
Insolvency proceedings are governed by the law of the country in which the insolvent company has its registered office. One such central organisation is Thomas Cook GmbH with its registered office in Oberursel. In German insolvency proceedings, business partners will at least have to register their claims to be included in the insolvency table if they do not wish to waive their claim. If the insolvency administrator disputes the claim, the next step is to file an action for declaratory relief.
Should you, as a business partner of Thomas Cook, require assistance in asserting your claim, our experienced attorneys will be happy to help you.