The tour operator's failure means more than 150,000 British tourists will need to be repatriated.
Transport Secretary Grant Shapps said the company's collapse was"very sad news for staff and holidaymakers".
On Sunday, empty aircraft had already started to be flown overseas, ready to bring British tourists home on Monday. The CAA is also contacting hotels accommodating Thomas Cook customers, who have booked as part of a package, to tell them that the cost of their accommodation will be covered by the government, through the Air Travel Trust Fund and Air Travel Organiser's Licence scheme .
He urged customers in the UK who were due to travel not to go to the airport"because very sadly your flight has been cancelled".
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