The report into the airline’s main subsidiary Monarch Airlines Ltd by administrators KPMG showed there is just £600,000 available to repay the unsecured creditors, but it notes that the cost of repaying them will likely exceed this amount.

The report highlighted that some £5.2 million was owed to passengers, while HMRC was due £12.5 million. Monarch Holidays Ltd owes a further £81 million to unsecured creditors, and a hotels website owes £22 million.

Greybull Capital, the failed carrier’s former owner and the main secured creditor, is likely to walk away with a loss, The Times reported. It is owed £157 million, while the Pension Protection Fund is owed £7.5 million.

It comes despite KPMG’s court win last week when it was awarded the right to sell Monarch’s take-off and landing slots to rival airlines – thought to be worth an estimated £60 million.

Greybull is first in line to recoup the proceeds, followed by an engineering business.

KPMG said: “As the secured creditors will likely suffer a shortfall, there is no real prospect of a return to unsecured creditors in any of the administration companies.”