Thousands of passengers are at risk of being left stranded as Wow Air cancels all of its flights.
The Icelandic airline announced on Thursday morning that it has "ceased operation" with all future journeys cancelled as a result.
Wow Air said in a statement: "Wow Air has ceased operation. All Wow Air flights have been cancelled.
"Passengers are advised to check available flights with other airlines.
"Some airlines may offer flights at a reduced rate, so-called rescue fares, in light of the circumstances."
It added: "Passengers may also be entitled to compensation from Wow Air, including in accordance with European regulation on Air Passenger Rights.
"In case of a bankruptcy, claims should be filed to the administrator/liquidator."
The airline connected Europe and North America via Reykjavik, with UK flights from London Gatwick, London Stansted and Edinburgh.
Wow Air have been battling to save the company for months having landed in debt and unable to make a deal with the Icelandair Group who were speculated to be taking over the carrier.
The Civil Aviation Authority have said that travel firms with an Atol licence are responsible for making alternative arrangements to bring their customers home if they are currently overseas with a Wow Air booking.
The regulator also added that passengers can also request a refund through credit and debit card providers or making a claim with their travel insurance provider for those who have booked flights via other methods.
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