The creditors of Thomas Cook are to be handed £280m five years after the travel chain collapsed into liquidation.
The Thomas Cook group is made up of 57 different companies in liquidation but not all will make payments to creditors.
The payments will be at different rates for each company and it is expected that eligible creditors will be paid before the end of September 2024.
The plans have been announced by the official receiver which has reviewed the group’s assets which included a broad range of assets including the sale of airport slots, hotel investments and high street stores.
David Chapman, who was appointed by the court as official receiver and liquidator of the Thomas Cook group, said: “I understand that a lot of people lost money following the collapse of Thomas Cook.
“My team has been working hard to finalise the liquidation, maximising funds which can now be distributed to creditors.
“I would encourage creditors to visit the dedicated Thomas Cook claims site to check the position regarding their claim as soon as possible, so we can consider whether they should receive any part of the funds being distributed.”
The claims site was launched by the official receiver in 2021 for creditors to submit their claims.
Creditors who have not yet done so have been told to submit claims through the sire no later than August 2, 2024.
The update comes after the Insolvency Service, the UK’s bankruptcy watchdog, cleared the bosses Thomas Cook of wrongdoing in 2022.