Customers of Low Cost Holidays could receive just a few pounds in compensation after the firm went into administration, the administrator has reportedly warned.
The budget tour operator blamed "the recent and ongoing turbulent financial environment" when it went into administration late last week, leaving 27,000 customers abroad and 110,000 with future bookings.
It was not registered with the Government-backed Atol scheme, which would have compensated them in full.
Instead, it has a bond in place for €1.3m (£1.09m) - enough to pay out a few pounds to each customer, Smith & Williamson, which has been appointed as administrator, told The Times.
Finbarr O'Connell, of Smith & Williamson, told the newspaper: "There is a bond in place, but for the very limited sum of €1.3m. The potential claims from customers are expected to be very substantial and could be more than £50m.
"There are about 140,000 customers we believe have lost out. Sadly, this means there will be very little back for any claim."
Newtownabbey man Stuart Briers told the BBC earlier this week that he was "sickened" to discover he had lost more than £700, and had to pay twice for his holiday.