Budget airline Oasis has gone into administration, leaving hundreds of passengers stranded.
All flights from the Hong Kong-based airline have been cancelled and passengers have been told to book flights with other airlines although they will have to pay for it themselves.
KPMG has been appointed as liquidators for the firm, which started in October 2006.
Oasis flew daily non-stop between Hong Kong and London and six times weekly between Hong Kong and Vancouver.
The company aimed to revolutionise long-haul travel by offering a budget service. Flights from London Gatwick to Hong Kong were initially offered for as little as 1,000 Hong Kong dollars (£65) each way.
Oasis chief executive Stephen Miller held a press conference to announce the news, although he did not give reasons for the collapse.
But the Hong Kong Economic Times reported that the airline had debts of up to one billion Hong Kong dollars (£65 million).
A global economic downturn and increasing fuel costs are forcing other low-cost operators out of business, such as the Hawaiian airline Aloha and the business class airline Maxjet.