The operator, which was licensed under parent company name World Sky Travel Ltd, went into liquidation on July 1 following a spate of terrorist attacks in Turkey and despite attempts to diversify into other destinations.

Directors decided to put the brand into liquidation to avoid disruption to clients.

Liquidators Phoenix Corporate Recovery was appointed on August 24, a month after the collapse, and found a total deficiency of £1.25 million, most of which was a £1 million-plus claim from the CAA’s Air Travel Trust Fund.

In its final report to creditors, Phoenix states that the company had no assets and liabilities of £184,608 plus a loss on shares of £80,000, with nothing left for creditors, it said, adding that directors’ personal funds had helped with the cost of liquidation.

“A dividend will not be paid to unsecured creditors as there were insufficient funds to meet the claims of secured and preferential creditors in full and the costs and expenses of the liquidation,” it said.

There are 13 preferential creditors totalling “several thousand pounds” and nine claims from unsecured creditors amounting to £56,661.

The report adds that “a considerable number of claims remain outstanding”, including those from 13 employees and an Atol claim; however none will be paid.

A creditors meeting will be held at Phoenix’s offices in Birmingham on March 28 at 11am.