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I can understand going out of business. I don't understand how it happens so suddenly from one day to the next to the point where people had no way to get home.
by imgabe 7y ago
I can understand going out of business. I don't understand how it happens so suddenly from one day to the next to the point where people had no way to get home. Like, when those people booked their vacations, or even when they departed on their vacations, Thomas Cook just had no idea that they wouldn't have the funds to complete their trips? Do they just not look at their accounting statements and bank balances or something? How does something like that come as a surprise?
- epanchin 7y agoWhat would you suggest? Prevent people from booking? At which point creditors would realise something was up, and the result would be the same.
- michaelt 7y agoLook at things from the perspective of a CEO who knew his only chance to save the company (and his annual bonus) was to gamble all-in on getting a government bailout. From that perspective, wouldn't you want to make a bankruptcy as messy as possible?
- nwallin 7y agoThe UK has different bankruptcy laws than the US. Once you declare bankruptcy, that's it: all your accounts are frozen, all your employees go home, the company's assets belong to the courts. It's similar to, but even worse than a chapter 7 bankruptcy. I don't why their system is the way it is, but that's how it works.