Business-class only airline Silverjet called in administrators as thousands of air passengers had their travel plans wrecked when the airline stopped flights.
Around 7,000 UK and 2,500 non-UK customers were affected as funding problems led to the suspension of services by Silverjet.
Silverjet later said “with deep regret” it had appointed Begbies Traynor as administrators after failing to secure funding.
Silverjet’s collapse follows that of Stansted to USA all-business class carriers Eos and MAXjet. All three were to a large extent victims of the sky-high rise in aviation fuel prices as well as the downturn of economies on both sides of the Atlantic.
Former Silverjet chief executive Lawrence Hunt said: “It is with deep sadness that I make this announcement today.
“The Silverjet team has worked exceptionally hard to try and turn this situation around, however with the time available, we were unable to secure the funding required to continue our operations.”
The carrier, which began services in January 2007, flew from Luton airport in Bedfordshire to New York and Dubai.
Its last plane left Dubai for Luton at 7.30am on Friday but five further flights were cancelled.
Angry passengers arrived at Luton only to find their plans in tatters, while Silverjet’s 300 employees were left with an uncertain future. Some passengers were not covered by Civil Aviation Authority-run bonding although both British Airways, Virgin Atlantic and Dubai-based carrier Emirates offered special deals for stranded or future-flight Silverjet passengers.
Silverjet failed to secure a vital new multi-million pound funding package. Its shares had been suspended since last week. Mr Hunt apologised to customers and told them Silverjet would not be able to offer any refunds