Slovakian-based SkyEurope is the latest victim of a recession that has claimed several airlines. High fuel prices have also contributed to a bleak 2009 that pushed the airline millions of euros into the red within the first three months.
But what does its collapse mean for you? If you have used the carrier to make bookings, what are your rights and can you expect a refund? Read on as we outline who is and is not responsible for reimbursing you.
Won't SkyEurope refund me?
The short answer is: almost certainly not. The organisation says that, if you have paid money directly to it "please be advised that a refund may not be possible".
Then who will reimburse me?
Some people will find they are protected while others, unfortunately, will not. If you booked your flight with a credit card then, as long as the purchase came to more than £100, your card provider should refund you.
That's because under the Consumer Credit Act, the credit card company is jointly liable with the supplier.
If you've bought your ticket with a Visa debit card and notify them within 120 days of the collapse then you should be able to reclaim your money from the bank itself, under the Visa Debit Chargeback scheme.
Unfortunately, if you used cash, then you have no additional protection.
More information on card protection can be found in our article 'Protecting your holiday from a cancellation catastrophe'.
Won't my travel insurance cover me?
Not necessarily. It will come as a shock to many passengers but not all travel insurance policies will pick up the pieces if your airline goes under. The policy needs to include scheduled airline failure insurance - which you can often buy separately if it is not part of your policy.
Of course, that's too late for existing customers of the airline, but do check your policy and see if you're protected.
What if I booked through a travel agent?
A spokeswoman for ABTA, a body representing British travel agents, says: "Travel agents as a body don't have any liability if an airline fails.
"However, if customers have booked a package holiday through a travel agent then the tour operator will organise a flight back at the end of their holiday."
Will SkyEurope fly me home?
People already on holiday should still be able to rely on hotel and car bookings made through the website, but the airline will not be able to fly customers home.
In a message on its website, the company stated: "If you are already at the destination or have rented a car through SkyEurope's business partner, you may stay at the hotel and use the vehicle during the period originally agreed. You must, however, order a return flight from some other airline at your own expense."
Several other budget airlines have stepped in to cater for stranded customers and are offering low-cost tickets to help them make it home.
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