You are here: Home - Household Bills - News -

Accounts of collapsed Thomas Cook to be probed further

Written by: Paloma Kubiak
The Financial Reporting Council (FRC) has announced it will delve deeper into the accounts of failed Thomas Cook.

The watchdog said it will investigate EY’s audit of Thomas Cook’s financial statements for the year ending 30 September 2018.

This is in addition to it already probing EY’s audit of the failed travel firm’s accounts for the year ending 30 September 2017.

The investigation is being conducted by the FRC’s enforcement division and it said it “will continue to keep the scope of investigations under close review”.

In May, the renowned travel firm reported a £1.5bn half-year loss and issued its third profit warning.

Thomas Cook entered administration in September, leaving 150,000 holidaymakers stranded abroad. A further 300,000 future Thomas Cook holidays were also cancelled.

Just last week it was revealed that at the time of its collapse, customers had shelled out £585m for worthless package holidays, flights and other services.

To date, customers of the failed group have received more than £200m in refunds under the ATOL financial protection scheme.

Overall, the group’s total liabilities come to £9bn, including £5.7bn in debts to other companies, £1.7bn to banks and other lenders, £885m for trade creditors such as airline businesses and tour operations, and £45m to employees.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

It’s time to get your finances in shape for summer, and moving your cash savings to a higher paying deal is ...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

The experts’ guide to sorting out your personal finances in 2021

From opting to ‘low spend’ months to imposing your own ‘cooling-off period’, industry experts reveal t...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Breeze Energy stops trading

Breeze Energy has become the latest small supplier to fail, leaving thousands of customers in limbo.