This bill was submitted by the Rt Hon. Dame Ashley K. Fletcher OOBC MP as a Private Member's Bill.
Thomas Cook Nationalisation Bill 2019A Bill to nationalise all United Kingdom-based holdings of Thomas Cook Group.
Be it enacted by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—
1 Definition of Thomas Cook Group
- The Thomas Cook Group in the scope of this Bill is limited to Thomas Cook Airlines UK, all aircraft under ownership of the Thomas Cook Group, and all UK-based hotels operated by Thomas Cook Hotels & Resorts
2 Reorganisation of Nationalised Holdings
- The aviation segments of the Thomas Cook Group shall be organised as TC British Airlines.
- a. TC British Airlines shall be designated a statutory corporation.
- All extant operations of the Thomas Cook Group shall be inherited by TC British Airlines.
- All hotels brought under Government control shall be held by UK Asset Resolution, and shall be dealt with according to that company’s regulations and management.
3 Payment of Creditors and Purchasing
- The Transport Secretary, in working with Her Majesty’s Treasury and the Chancellor of the Exchequer, shall acquire the whole of the Thomas Cook Group, as outlined above, by any means required from Receivership.
- Upon acquisition, the Government shall reduce holdings to a controlling stake (fifty-one per cent) of the new TC British Airlines.
4 Short title, commencement and extent
- This Act may be cited as the Thomas Cook Nationalisation Act 2019.
- The Act comes into force on the passing of this Act.
- This Act extends to the United Kingdom of Great Britain and Northern Ireland.