What Happens When an Airline Goes Bust and You are stranded?
Monday, September 23, 2019, Thomas Cook ceased operations and had its last flights after being unable to secure a 200 Million Pounds lifeline to stay afloat, leaving over 150,000 thousand holidaymakers stranded.
Under the EC 261/2004 regulation, an airline passenger is entitled to compensation claims if the passenger suffers a long delay or cancelled flight. The compensation ranges between 250 Euros to 600 Euros depending on the distance of the flight.
However, in situations where the affected airline ceases operations and goes into liquidation, the affected passenger will not be able to claim compensation against the affected airline as the airline is no longer in existence.