Greybull Capital is not itself a shareholder in Monarch Airlines but it does perform an advisory and management role for the principal shareholder, Petrol Jersey Limited. There is no formal legal mechanism we can use to oblige Greybull to contribute towards the cost of repatriating passengers.

Marc Meyohas, partner at Greybull, wrote to the Transport Select Committee on 24 October 2017 acknowledging a moral obligation (if they make a profit) to contribute and help to defray the costs incurred by the Government in repatriating Monarch customers.

The extent of any profit or loss from Greybull Capital and Petrol Jersey Limited’s investment in Monarch Airlines will depend on the outcome of the administration process, which is not due to conclude until October 2020. Until then, we will not be able to confirm the final total that the Department has recouped.

Discussions with Greybull in relation to recovering the costs of the repatriation operation have been in writing. Ministers last wrote to Greybull on this matter on 5 December 2018.

The Government is aware of the findings of the investigation by the Institute of Chartered Accountants in England and Wales (ICAEW) into the conduct of the administrators of Comet Group Limited and the resulting consent order setting out the disciplinary action taken. The Government supports the aims of the regulatory framework for insolvency practitioners and the Government’s Insolvency Service works closely with the Recognised Professional Bodies, such as the ICAEW, in ensuring appropriate action is taken when needed following an insolvency. Regarding Flybe, it would not be appropriate for Government to comment on the speculation as to its financial affairs.

The calculation of the final cost to the taxpayer of repatriating Monarch Airlines passengers will depend on the outcome of the administration process, which is not due to conclude until October 2020. As such, the Department for Transport has not appointed independent accountants nor given them access to associated paper work at this time.

Discussions with Greybull in relation to recovering the costs of the repatriation operation have been in writing. Ministers last wrote to Greybull on this matter on 5 December 2018.

Greybull Capital is not itself a shareholder in Monarch Airlines but it does perform an advisory and management role for the principal shareholder, Petrol Jersey Limited. There is no formal legal mechanism we can use to oblige Greybull to contribute towards the cost of repatriating passengers.

However, Marc Meyohas, partner at Greybull, wrote to the Transport Select Committee acknowledging a moral obligation (if they make a profit) to contribute and help to defray the costs incurred by the Government in repatriating Monarch customers.

The extent of any profit or loss from Greybull Capital and Petrol Jersey Limited’s investment in Monarch Airlines will depend on the outcome of the administration process, which is not due to conclude until October 2020. Until then, we will not be able to confirm the final total that the Department has recouped.

Discussions with Greybull in relation to recovering the costs of the repatriation operation have been in writing. Ministers last wrote to Greybull on this matter on 5 December 2018.

The Civil Aviation Authority 17/18 annual report sets out that the total cost of the Monarch Airlines repatriation activities amounted to £52.5 million.

Of this, £9.5m was paid by the Air Travel Trust Fund which covered the costs of repatriating Monarch Group ATOL protected passengers. The total cost of all other passengers was assessed as £43.0m.

Since Monarch’s collapse, government has sought to recover the costs of the operation from several third parties including the finance and tourism sectors.

I refer to the Written Ministerial Statement made by the Secretary of State on 9 May 2019, which reported that the final cost to the taxpayer from the Monarch repatriation had been assessed to be £40.5m.

This previously stated estimate included an expected contribution from Thomas Cook which, following their collapse, the government no longer expects to receive.

The latest estimate of the cost to the taxpayer of repatriating non-ATOL passengers is £40.7m. A final position on cost recoveries cannot be known until the completion of the Monarch administration.

Greybull Capital is not itself a shareholder in Monarch Airlines but it does perform an advisory and management role for the principal shareholder, Petrol Jersey Limited. There is no formal legal mechanism we can use to oblige Greybull to contribute towards the cost of repatriating passengers.

However, Marc Meyohas, partner at Greybull, wrote to the Transport Select Committee acknowledging a moral obligation (if they make a profit) to contribute and help to defray the costs incurred by the Government in repatriating Monarch customers.

The extent of any profit or loss from Greybull Capital and Petrol Jersey Limited’s investment in Monarch Airlines will depend on the outcome of the administration process, which is not due to conclude until October 2020.

Profits made by corporations are subject to the tax laws relevant to their jurisdiction. Petrol Jersey Limited is a company which is incorporated in Jersey. It would be for HM Revenue and Customs to confirm whether any such profit would be assessable to tax in the UK.

Discussions with Greybull in relation to recovering the costs of the repatriation operation have been in writing. Ministers last wrote to Greybull on this matter on 5 December 2018.

The Official Receiver is under a statutory duty to investigate the cause of failure of any company in compulsory liquidation and generally its business, dealings and affairs, which will include any actions taken which have been detrimental to creditors or pension schemes, and will do so in the case of British Steel. He has a duty to report any potential misconduct of directors to my rt. hon. Friend the Secretary of State for Business, Energy and Industrial Strategy.

In the case of British Steel, the Secretary of State has written to the Insolvency Service, specifically requesting that the investigation not only looks at the conduct of the directors immediately prior to and at insolvency, but also at the investments made in the company (noting previous commitments given in this regard) and the potential value transferred out of the company.

Greybull Capital is not itself a shareholder in Monarch Airlines but it does perform an advisory and management role for the principal shareholder, Petrol Jersey Limited. There is no formal legal mechanism we can use to oblige Greybull to contribute towards the cost of repatriating passengers.

However Marc Meyohas, partner at Greybull, wrote to the Transport Select Committee acknowledging a moral obligation (if they make a profit) to contribute and help to defray the costs incurred by the Government in repatriating Monarch customers.

Discussions with Greybull in relation to recovering the costs of the repatriation operation have been in writing. Ministers last wrote to Greybull on this matter on 5 December 2018.

The extent of any profit or loss from Greybull Capital and Petrol Jersey Limited’s investment in Monarch Airlines will depend on the outcome of the administration process, which is not due to conclude until October 2020.

I refer to the Written Ministerial Statement made by the Secretary of State on 9 May 2019, which reported that the final cost to the taxpayer from the Monarch repatriation have been assessed to be £40.5m. This does not include any contribution from Greybull Capital or the principal shareholder, Petrol Jersey Limited. We do not expect any material change to the final cost to the taxpayer.

Greybull Capital is not itself a shareholder in Monarch Airlines but it does perform an advisory and management role for the principal shareholder, Petrol Jersey Limited. There is no formal legal mechanism we can use to oblige Greybull to contribute towards the cost of repatriating passengers.

However Marc Meyohas, partner at Greybull, wrote to the Transport Select Committee acknowledging a moral obligation (if they make a profit) to contribute and help to defray the costs incurred by the Government in repatriating Monarch customers.

Discussions with Greybull in relation to recovering the costs of the repatriation operation have been in writing. Ministers last wrote to Greybull on this matter on 5 December 2018.

The extent of any profit or loss from Greybull Capital and Petrol Jersey Limited’s investment in Monarch Airlines will depend on the outcome of the administration process, which is not due to conclude until October 2020.

I refer to the Written Ministerial Statement made by the Secretary of State on 9 May 2019, which reported that the final cost to the taxpayer from the Monarch repatriation have been assessed to be £40.5m. This does not include any contribution from Greybull Capital or the principal shareholder, Petrol Jersey Limited. We do not expect any material change to the final cost to the taxpayer.

To date the Government has not received any payment from Greybull or Monarch’s investors. The administration of the Monarch group of companies continues and the Government is finalising contributions from the travel industry. We are grateful for the companies that have contributed to the costs of repatriating their customers, demonstrating their corporate social responsibility.

Following on from the experience of Monarch, the Secretary of State for Transport commissioned an independent Airline Insolvency Review which is expected to report by spring 2019.

The Government has made good progress in recovering monies from a variety of sources including credit card companies and tour operators. We are grateful for the companies that have contributed to the costs of repatriating their customers, demonstrating their corporate social responsibility and encourage others to follow their example.

In October 2017 we estimated that the total cost of the repatriation operation would be £60m. The actual cost of the repatriation operation is currently estimated to be about £50m and we do not expect this number to change significantly. Following on from the experience of Monarch, the Secretary of State for Transport commissioned an independent Airline Insolvency Review which is expected to report by spring 2019.

In October 2017, the Government estimated that the total cost of Monarch’s repatriation operation would be £60m. The actual cost of repatriation is estimated to be about £50m and the Government does not expect this number to change significantly.

As the administration of Monarch has yet to conclude, the Department continues to discuss contributions from the travel industry and the investors and estate of the company towards taxpayers costs.

I refer the noble Lord back to my previous response to his question on 25 April 2018 (HL7119). We are seeking to recover costs of the operation from several third parties, however a final position on cost recoveries is unlikely to be known until the completion of the administration, which may take several months. We are, of course, determined to ensure that as much of taxpayers’ money is recovered as possible.

The administrator, KPMG, has since published a progress report for the administration of Monarch Airlines Limited, which is freely available from http://www.insolvency-kpmg.co.uk. This report provides an interim update, which will inform our ongoing negotiation with Greybull.

We will in due course be able to report back with more detail.

We are focused on making sure that there is clear burden sharing of the repatriation operation, and are seeking to recover costs of the operation from several third parties. This process is ongoing and a final position on cost recoveries is unlikely to be known until the completion of the administration, which may take several months. We will in due course be able to report back with more detail.

The Department is not yet able to give a final figure for the costs of the repatriation operation as we are awaiting invoices from third parties. In line with the usual transparency guidelines on Government financial reporting, the final expenditure will be made clear in the annual accounts for the Department, the Civil Aviation Authority (CAA) and the Air Travel Trust (ATT), which should be published in June 2018.

At this stage, the current forecasts suggest that the total cost of the repatriation operation remains broadly in line with the original estimate of around £60m.

The Department is focused on making sure that there is clear burden sharing of the repatriation operation, and is seeking to recover costs of the operation from third parties. This is a continuing process and a final position on cost recovery is unlikely to be known until the completion of the administrative process; this may take several months. The Department will in due course be able to report back with more detail.

The Department is not yet able to give a final figure for the costs of the repatriation operation as we are awaiting invoices from third parties. In line with the usual transparency guidelines on Government financial reporting, the final expenditure will be made clear in the annual accounts for the Department, the Civil Aviation Authority (CAA) and the Air Travel Trust (ATT), which should be published in June 2018.

At this stage, the current forecasts suggest that the total cost of the repatriation operation remains broadly in line with the original estimate of around £60m.

The Department is focused on making sure that there is clear burden sharing of the repatriation operation, and is seeking to recover costs of the operation from third parties. This is a continuing process and a final position on cost recovery is unlikely to be known until the completion of the administrative process; this may take several months. The Department will in due course be able to report back with more detail.

The Department is not yet able to give a final figure for the costs of the repatriation operation as we are awaiting invoices from third parties. In line with the usual transparency guidelines on Government financial reporting, the final expenditure will be made clear in the annual accounts for the Department, the Civil Aviation Authority (CAA) and the Air Travel Trust (ATT), which should be published in June 2018.

At this stage, the current forecasts suggest that the total cost of the repatriation operation remains broadly in line with the original estimate of around £60m.

The Department is focused on making sure that there is clear burden sharing of the repatriation operation, and is seeking to recover costs of the operation from third parties. This is a continuing process and a final position on cost recovery is unlikely to be known until the completion of the administrative process; this may take several months. The Department will in due course be able to report back with more detail.

The Department is not yet able to give a final figure for the costs of the repatriation operation as we are awaiting invoices from third parties. In line with the usual transparency guidelines on Government financial reporting, the final expenditure will be made clear in the annual accounts for the Department, the Civil Aviation Authority (CAA) and the Air Travel Trust (ATT), which should be published in June 2018.

At this stage, the current forecasts suggest that the total cost of the repatriation operation remains broadly in line with the original estimate of around £60m.

The Department is focused on making sure that there is clear burden sharing of the repatriation operation, and is seeking to recover costs of the operation from third parties. This is a continuing process and a final position on cost recovery is unlikely to be known until the completion of the administrative process; this may take several months. The Department will in due course be able to report back with more detail.