Commissioned shortly after the Monarch Airlines collapse in October 2017, the UK Government's Airline Insolvency Review has published its Final Report. This article looks at how the Report's recommendations – if implemented - would impact passenger protection if, in the future, airlines become insolvent and what these recommendations mean for airlines.

Cancellation of debt a key element of most restructurings generally triggers taxable income. The German tax authorities had issued an administrative decree (the "Tax Restructuring Decree" - Sanierungserlass), however, declaring that, upon the satisfaction of certain requirements and conditioned on forfeiture of any loss carry forwards, the cancellation of debt income ("CODI") would not be taxed.