Sky News said the Insolvency Service had concluded its investigation into the collapse of Thomas Cook, which was forced into compulsory liquidation in September 2019 after the failure of last-ditch rescue talks.

The insolvency Service told Sky News: "Based on findings by the Official Receiver following an investigation into the conduct of Thomas Cook’s directors, the Insolvency Service does not currently intend to bring any disqualification proceedings against the directors."

Cook was brought down by its debt mountain which meant it could not trade its way out of its predicament. It also failed to adapt to changes in buying behaviour and tastes, notably not investing in online fast enough and not moving into the cruise sector.

At the time of its failure, Cook was led by Peter Fankhauser. He is now an honorary professor at a Swiss management school and a partner in a consultancy business.