Flybe, which operated from East Midlands Airport, collapsed overnight.
The firm entered administration at 3 am this morning and has ceased trading immediately.
The news means that around 2,000 people will lose their jobs at the airline after it blamed a lack of bookings and the coronavirus pandemic.
Flybe operated about 75 aircraft and served more than 80 airports across the UK and Europe.
EY has been appointed administrator.
Richard Moriarty, chief executive at the UK Civil Aviation Authority, said: “This is a sad day for UK aviation and we know that Flybe’s decision to stop trading will be very distressing for all of its employees and customers.
“We urge passengers planning to fly with this airline not to go to the airport as all Flybe flights are cancelled. For the latest advice, Flybe customers should visit the CAA website or the CAA’s Twitter feed for more information.
“Flybe also operated a number of codeshare partnerships with international airlines. If you have an international ticket you should make contact with that airline to confirm your travel arrangements.”
A statement from East Midland Airport said; “Anyone who is booked onto a Flybe flight, and hasn’t started their journey, should not travel to the airport.
“The East Midlands – Jersey/Guernsey service, which was operated by Blue Islands under a franchise agreement with Flybe, will continue to operate as normal and passengers will be unaffected.
“Customers with bookings for Blue Islands operated flights today (Thursday 5 March 2020) should check in at the airport as normal.
