It seems like for an organization that large to just go *poof* and shut down overnight, there must have been some people in charge who knew what was going on and allowed them to continue to take money from customers knowing that they were never going to keep up with their end of the deal. I don't know what the laws are like over there, but hopefully if it is determined somebody intentionally misled the public, they should have to suffer the consequences of the law.
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The main legal issue is when someone files bankruptcy, they often get off with nary a slap on the wrist.
We had a couple of Building companies declare bankruptcy here in NZ, and basically left people without anything, with half-finished houses, abandoned industrial estates, and an undisclosed debt to the subcontractors who were meant to be paid for doing the work in the months up to the announcements. You know, millions of $$.
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Well the absurd thing I read about yesterday is, that there will be people who profit from this bancruptcy and I'm not talking about the competitors, but people with Thomas Cook hedgefonds etc.
And no, we had that before: Managers are justifying their huge salaries with all the responsibilities they carry, but when they fail and a company goes bancrupt, it's not their fault and they go away unharmed.
But who ever said, life is fair? It's not and it won't be in this case.
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true be happy with what you got. no one can promise you anything :D
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thanks for the giveaways and sorry to hear about your misfortune. i'm not 100% on this, but if you paid with a credit card you should be able to get your money back.
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the money would be coming back from the credit card issuer, not thomas cook. when you use a credit card, you aren't actually using your money, it's the card issuer's money. so if your cc# gets stolen or something, you aren't liable for any of the money spent. you can do something like a chargeback, or just close the account or whatever. otherwise if your debit card or bank info gets stolen, that's your money and it's gone.
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Well if I had, I would have a chance on this. But I haven't, I actually made a very standard money transfer from my bank account. The only chances I have is to demand this money bank from the liquidator, but chances to get something go towards zero.
No, I count on my money being gone. If it turns out, I get something back: Great, I would be more than happy about that. But right now, I see myself as a victim of an economy theft. A company stole my money and as with any burglar or thief this money is gone for good. (Although I would actually have some insurance in this case, but obviously not in this case.)
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The liquidation team probably wouldn't have the funds to give you your money back regardless. They only paid off the debts of the company and because they pay off those debts, the company or what's left of it, now belongs to the liquidation company, where they sell off the assets in order to make their money back. Its a lot more complicated than that, but that's basically the gist of it. There isn't any money to give back basically.
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man, that's really shitty. hopefully you don't have too much money on the line. i'd say best case scenario would be the liquidators paying out a certain percent to everyone. even if you did get anything back though, it'd be a while before you see it 😟
they gotta inventory everything and wait to sell it off. it's crazy to think a company that large folded and just left all those people stranded. i wonder how the situation with the folks being locked in their hotel is gonna play out. there are no winners here.
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The very same thing happened to my sister and her boyfriends who were left stranded a few months ago while on a layover on a small island because the airplane company declared bankruptcy. They had some insurance for the hotel but they had to pay for a (very pricey) flight back and all the costs while they were looking for a way back, as well as most of the expenses they had already spent for their vacations.
Sucks big time. I'm sending you good vibes and to the hundreds of thousands people left stranded or without a job because some a**hole CEO who overleveraged the company until nobody could mop up the debts anymore, and who will, no doubt, have an 8 figure paying job before Christmas.
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Heard about that on the news. That really sucks to everyone involved, the courts should have really handled the bankruptcy differently, rolling it out instead of a full stop, which screwed everyone over. I'd normally say try to get your money back, but in a bankruptcy situation, there probably isn't any money to give back. Glad your situation isn't dire, though I really do feel for the people who are stranded.
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Citibank warned of the problem in May 2019 by putting price target of 0 on T.C. stock.
Interestingly Citibank Visa credit cards stopped offering free travel cancellation insurance last week. Any travel expenses purchased before September 22nd are still covered (guessing a 3rd party insurance company who could be in trouble now).
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It's so sad. Last year one of our national airlines with a fleet of about 20 aircraft declared bankruptcy and there were thousands that got stranded in the Middle East, Malaysia and China where the airline operated. None of the other carriers expressed a will to bring them back home (none of them operated for Malaysia and China) and then our national carrier had to step in. It took almost a month to bring back all those who were stranded and most of them faced visa expiry issues. Sadly some of the Thomas Cook customers would have to go through the same ordeal.
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Maybe they really thought they can stop the bancruptcy. But personally I have the suspicion, that management just didn't care about it. it's not like they only had financial problems since last week, so you would assume, that they made some preparations for the worst case. Turns out: They haven't done anything in this matter.
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My understanding was they managed to get a £900 million package led by the Chinese firm Fosun but then the banks wanted another £200 million in contingency funding to put the deal in place as they have debts of around £2.1 billion. They could not get the additional funding from elsewhere and therefore went into liquidation.
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Somehow I read it as "Thomas Crook bancruptcy". Surprisingly, it kinda fits.
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Wow this is horrible. I feel really bad for you people. But don't they still have lots of real estates which they could sell to reimburse customers?
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Well the people in charge of managing the bancruptcy will certainly do so, but I doubt they will get enough money to cover more than some of the debts and in this the customeres are just the small fishes.
Also all the customers who had a package tour will get their money back from the insurance which is mandatory in the EU. But it turns out now, that the insured sum is probably far too small for the amount of damage that happened. I think if all those customers get a quarter back they will be lucky.
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In case you haven't heard of it: The British company Thomas Cook, on of the biggest travel companies in the world, declared bankruptcy early Monday morning. About 600,000 travelers were & are left stranded, leading the British government to begin the largest peacetime repatriation effort in history. (Details here and on many other news pages)
Because the company is so big, not only customers of the British company are in trouble but also many others. I don't know about other countries, but in Germany, Austria and Switzerland a whole bunch of companies are probably bancrupt as well (Neckermann, Öger, Bucher, Condor), which leads to many people being stranded or left without any clue about their holidays that are about to start or are planed in the future. And those folks are probably mostly the lucky ones compared to the over 20'000 employes who probably loose their job in a matter of days or weeks. (Ok, maybe except those people who were held "hostage" by their hotel.)
I myself booked a hotel from Neckermann and will probably never see my money again (there is a safety regulation ensuring the money for people who book a package tour, but this is not the case for us). But I still consider myself one of the lucky people, because it's a relativily small amount compared to what other people will probably loose and our holidays were still two weeks away, so there is still some time to look into the situation.
But somehow I wanted to give all those dissappointed people something little to brighten up their day so, if you cannot go to holidays, maybe you can create your own?
This is why I started a steam group for people who are affected, with a GA for Tropico 5 (and two other small GAs) for all the users of the group. The group is public and of course I cannot and won't control anybody joining, but I just count on your fairness. Feel free to join and add some GAs yourself for the members of the group.
EDIT: I just want to clarify: It's not about my situation, which sucks, but not nearly that much compared to what others go through right now. That's why this thread isn't about me, instead I tried to find a way, to brighten up the day for those who have much bigger problems right now
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