The banks would appear to have followed this dictat to the letter, demanding the financial cushion being in place before confirming the debt financial (overdraft) future arangement, as opposed to tipping it into the cashflow operations accounting.
In reality the independent directors and the audit committee must have realised some years ago the firm was sailing very close to the wind, and on the verge of collapse. What the Official Receiver has to do now is simply find out if at any time the firm has breached its banking covenants, misled the auditors and possibly trading whilst insolvent.
Ex staff on the other hand may be entitled to an extra 90 days salary in addition to statutory redundancy pay, as the firm at no time consulted the workfirce over redundancy arrangements as they are required to do. This is a little known legal loophole, but needs to be quickly applied as a preferential creditor. A Midlands baed law firm is putting together what amounts as a class action to recover these funds for redundant staff
Thomas Cook boss 'sorry' over collapse but defends pay and bonus - https://www.bbc.co.uk/news/business-49869183
Julian Bray NUJ, EQUITY, MMC,
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