FRC considers investigations into Thomas Cook collapse
“In light of recent developments at Thomas Cook we are considering whether there is any case for investigation and enforcement action as a matter of urgency and in cooperation with the Insolvency Service,” an FRC spokesperson said.
The government is also concerned about the conduct of the senior management in the run-up to the company’s liquidation. Business secretary Andrea Leadsom has asked the head of the Insolvency Service to prioritise work on the investigation into the collapse of Thomas Cook as a matter of urgency and to probe the actions of top management.
There has also been widespread criticism of the large remuneration packages paid to top executives including £732,000 basic salary for chief executive Peter Fankhauser.
Article © www.accountancydaily.co