According to the Austrian Press Association hundreds of thousands of German customers will only receive a small share of financial compensation despite the fact that they hold a travel insurance document.
The following developments illustrate the complicated legal nature of the Thomas Cook UK bankruptcy. Continental European subsidiaries are doing all they can to avoid being dragged into forfeiture. They are striving to establish themselves independently, in cases securing necessary provisional bridging loans based on their independent financial stability. And in the case of Thomas Cook Germany, they are filing bankruptcy in order to extricate themselves from the assets of Thomas Cook UK.
Your colleagues from GIA have been collecting information concerning the aftermath of the announced bankruptcy of Thomas Cook in the UK on Sunday evening. This is only Day #2 in the developments. Things change/information is made public multiple times every day concerning the status of the numerous TC subsidiaries throughout Europe. We at GIA will keep our clients and colleagues aware of the ongoing developments on a regular basis.