What should you do if Thomas Cook goes bust? 140,000 Britons could be left ...

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Many Britons have been wondering what will happen to their holiday if Thomas Cook goes bust. Panic was raised after the firm was faced with the ultimatum that it must provide proof it can operate successfully for the next 12 months or rapidly fill a financial blackhole. Senior members of Thomas Cook staff are now working against the clock to come up with a solution. One of these options includes offloading a massive chunk of their workload. According to The Sun, an unnamed source revealed: “Around 20,000 staff worldwide will lose their jobs and it will have a knock on effect to travel agents worldwide as cruises will also be affected as they may also lose their licence. Several thousand passengers on cruises may also have holidays cut short, stopped part way through holidays and needing assistance in returning."

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Thomas Cook: British holidaymakers strandedThomas Cook: British holidaymakers may be stranded abroad if airline doesn't secure £200m (Image: Getty Images)

In August the travel agency turned to Chinese conglomerate Fosun in a bid to draw in some extra cash to help them make it through the beginning of winter. The deal would see the Chinese investment firm handing over a £900m refinancing package which could save the fate of Thomas Cook.

The Civil Aviation Authority has avoided answering question about the firm’s license to operate.

However, should it be denied thousands of British tourists will be stuck in their holiday destinations with no way of getting home.

The CAAA will then be responsible for rescuing and compensating the 140,000 unlucky travellers.

The source went on to say: “The CAA has put measures in place including staff and replacement aircraft to assist with repatriation and customer service for the 14 day period following the grounding of all Thomas Cook aircraft.

“Replacement aircraft will depart from various airports, some from the Middle East that are currently not being used due to their routes current being suspended in and out of certain countries.”

Companies don't go bust because they have too much debt - they go bust because they run out of cas

Mark Burgess, Columbia Threadneedle Investments

Currently employing 22,000 members of staff

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