Scottish airline Flyglobespan has been placed in administration.
The airline operates transatlantic flights from Belfast, as well as international flights from Edinburgh, Glasgow, Aberdeen, Manchester and Gatwick.
The firm launched its first international flights from of Belfast International Airport in 2003 and continued to operate summer services to Orlando and Toronto this year.
A spokeswoman for administrators PricewaterhouseCoopers said a statement would be issued detailing the administration.
Edinburgh-based Flyglobespan, a subsidiary of The Globespan Group, operated its first flights in 2002.
The company is said to have been placed in administration after failed attempts to find a new investor.
Scottish MP Mark Lazarowicz said: “It will potentially be a massive problem to those who have booked their Christmas holidays with the airline, or who are overseas now. The administrators must ensure that people are protected and helped as much as possible.
“Coming just before Christmas, this is disastrous news.”