Bosses at Thomas Cook raked in millions of pounds in salaries and bonuses in the years before its collapse.
Now calls have been mounted for senior figures at the company - which ceased trading in the early hours of the morning - to pay the money back.
Around 9,000 UK workers have lost their jobs, along with another 12,000 employees in 15 other countries.
The disaster has led to increased scrutiny on large sums paid to bosses in the build-up to the collapse.
Chief executive Peter Fankhauser, who announced today that the firm could not be saved, has pocketed £8.3million since taking over in 2014.
This includes a £2.9million bonus four years ago.
Chairman Frank Meysman has also been paid £1.6million in this time, The Telegraph reports.
Thomas Cook executives raked in more than £20 million over the last five years, despite long term fears about the operator.
Former chief executive Harriet Green, who was credited with saving the company when it was on the brink of collapse, was awarded a share bonus worth £5.6million.
She did, however, opt to donate a third of it to charity, The Telegraph reported.
Green, who was at the helm of the company between July 2012 and November 2014, axed 2,500 jobs and closed 400 shops in order to save costs.
But her tenure came to an end when she was suddenly axed, making way for the current boss.
She succeeded Manny Fontenla-Novoa, who earned £17.2 million between 2007 and 2008 - at a time when 2,800 jobs were slashed, The Times reports.
The company merged with MyTravel during his leadership.
Labour's shadow chancellor John McDonnell this morning told the BBC that executives should pay back bonuses following Thomas Cook's collapse.
Asked if executives should have to repay bonuses, said: “Too right.”
He added: “I think they need to really examine their own consciences about how they’ve brought this about and how they themselves have exploited the situation."
All its 600 shops, in high streets across the country, will be closed today, as workers learn they no longer have jobs.
More than 1,000 people worked at the company's headquarters in Peterborough.
But union bosses have vowed not to give up fighting for jobs.
Officials are facing calls to clarify what happens next, amid fears many workers will not receive a pay cheque this month.
In a scathing statement, the British Airline Pilots Association (BALPA) said staff had been "stabbed in the back".
BALPA said it will be helping pilots find jobs with an alternative airline.
It said: "The hopes of all Thomas Cook employees that their airline could survive has been brutally quashed this morning as they wake up to find they have no job.
“While detailed plans to repatriate passengers have been carefully put together and Ministers have and will continue to claim the credit for that, the staff have been stabbed in the back without a second’s thought.
“Despite continuing to keep Thomas Cook going in recent weeks with dignity and integrity while their own futures were being secretly decided we don’t even know if staff will get a pay cheque this month.
"It is despicable. Thomas Cook pilots and all staff deserve better than this.
“For pilots, BALPA will be supporting our members through the legal complexities of what Thomas Cook liquidation means for them and doing everything we can to help them find alternative jobs in other airlines”
