The directors and their private equity backers have been criticised for using a business model, known as sale and leaseback, which allowed the company to expand rapidly in times of high property prices, but left the organisation unable to pay its rent bill in recent years.

BBC: Southern Cross sign

Thomas Cook also secured shareholder approval earlier this week to sell its investments in a Spanish hotel business, and backing for the sale and leaseback of some of its aircraft.

BBC: Thomas Cook