Last week, one of the largest tour operators and package tour operators in the world shut down – Thomas Cook. On September 23, 2019, the UK Supreme Court appointed an Official Receiver, a figure similar to the insolvency receiver in Bulgaria, who takes over the “management” of dozens of Thomas Cook Group companies and appoints consulting firms AlixPartners and KPMG to support the process.
As one of the preferred destinations for package holidays among the English and German price segment Bulgaria is significantly affected by the news. The company had contracts with most of the Black Sea hoteliers, which provide for deferred payment within a few months of the service.
Local companies would enjoy the rights set out in the European Bankruptcy Regulation if it remained in force, given the determination of UK Prime Minister Boris Johnson to carry out Brexit without a deal; however, as regards Germany, Poland and the other member states, the Regulation should apply. Creditors may file claims against the relevant company within the Thomas Cook Group, which declared bankruptcy within the time limit provided for in the relevant national legislation. Under the European Bankruptcy Regulation this time limit may not be less than 30 days after the publication of the decision to open bankruptcy proceedings in the relevant Bankruptcy Register. It is essential that the claims be accompanied by an accurate description of the claims and the relevant evidence (invoices and contracts).