KPMG, the Big Four auditor, and consultancy AlixPartners have been appointed to oversee the liquidation process of Thomas Cook, after the travel company announced it would dissolve following a failed rescue attempt.

All bookings, including flights and holidays, have now been cancelled leaving an estimated 150,000 UK holidaymakers stranded. Despite the board’s “considerable efforts” to save the business over the weekend, it announced on Monday that “it had no choice but to take steps to enter into compulsory liquidation with immediate effect”.