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Is it worth sumbmitting a claim in insolvency proceedings with Thomas Cook?

15/11/2019

On 27 September 2019, the official insolvency proceedings regarding Thomas Cook Austria were opened at the commercial court in Vienna. This unforeseen incident has various consequences depending on whether the affected customers booked a package or an individual service.


Package travel customers


According to the package travel regulation, in cases, where a full package has been booked, all payments (down payments of up to 20 per cent, final payments or any necessary costs for the return transport) are insured against insolvency. In these cases, the affected customers have the possibility of filing their claims for reimbursement of any costs within 8 weeks, which end on 17 November 2019. Postal applications need to be submitted by Friday, 15 November 2019. With nearly 22 million euros, Thomas Cook Austria is enough protected, so that affected customers should get a refund, according to current information. We recommend you to contact the responsible person being AWP P&C S.A.


Contact details:


Tel: + 43 1 525 03 6853 / E-Mail: thomascook.at@allianz.com


(Submit your booking and payment confirmations as well as a bank account and a brief description of the matter)


Customers without package


Customers who have booked an individual service, e.g. hotel-only or flight-only, are not secured. Affected consumers, who also have the possibility of being represented by a creditor protection association can file their claims with the respective administrator, Dr. Hoedl, at the commercial court in Vienna as creditors. Those consumers will get a refund according to a quota, i.e. a certain percentage of the claim, at most.


At the first hearing, which will take place about two months after the opening, it will be checked whether the creditors have correctly filed their claims in the respective amount. For the claim in the insolvency proceedings, no specific form is required. Claims for registration are to be charged (Euro 23.00) and filed twice in the insolvency court, quoting the file number of the insolvency proceedings.


Since the debts are very high (the amount of 36 million euro were specified, according to the last balance sheet of Thomas Cook Austria for 2018 (AKV)), it is uncertain whether these customers will get any refund. We strongly advise to refrain from filing the claims due to the above-mentioned reasons. However, if you decide to file a claim, the form can be found here


If there will not be any quota for the insolvency creditors, the insolvency proceedings will be annulled by court order due to lack of existing assets.


We recommend that you seek the opinion of relevant experts with appropriate experience in this field for your specific requirements and procedures.