FlyerTalk Forums - View Single Post - Thomas Cook Enters Compulsory Liquidation
Old Sep 23, 2019, 12:33 pm
  #67  
Often1
Suspended
 
Join Date: Aug 2010
Location: DCA
Programs: UA US CO AA DL FL
Posts: 50,262
Originally Posted by stevendorechester
I feel sorry for the workers who are losing their jobs but even more so for the thousands of stranded passengers who are either stuck overseas or have had the vacations that they have been saving up for cancelled. It seems there are too many of these stories these days. All airlines should be forced to have an insurance policy to cover these situations. The hike in ticket prices would be negligible. Where I live, in Quebec, when you purchase through a travel agent passengers are covered for these situation through a compensation fund. The extra cost to passengers was about 35 cents per $ 100 dollars but now the fund has been self-sustainable through investments so there is no contribution required. If they need to restart mandatory contributions let the airlines fund it. That or require all airlines to keep money in trust and not part of their general funds until after the service is rendered. The passenger should always come first.
Just pay with a credit card. The full unused value will be refunded. No need for a complex scheme with holdbacks. The problem lies in purchasing new tickets. Hence the need for repatriation.

Holding back cash access until the service is rendered is not workable. The working capital is exactly what keeps many carriers afloat. In order to perform tonight's flight, they had to make the lease payment yesterday.
Often1 is offline