This marks the second time the airline has gone into administration in recent years.
It announced its intention to cease trading in March 2020, citing the coronavirus pandemic as a contributing factor.
Thyme Opco, a firm affiliated with US hedge fund Cyrus Capital, purchased the company and renamed it Flybe Limited.
The airline planned to resume operations in April 2022, with up to 530 flights per week across 23 routes.
Until its recent demise, it provided services from Belfast City, Birmingham, and Heathrow to airports throughout the United Kingdom, as well as Amsterdam and Geneva.
The High Court appointed joint administrators for Flybe Limited, according to a statement posted on the Flybe website early Saturday.
“Flybe has now ceased trading, and all Flybe flights from and to the UK have been canceled and will not be rescheduled,” the statement said.
“If you are scheduled to fly with Flybe today or in the future, please do not travel to the airport unless you have arranged an alternate flight with another airline.”
It went on to say that anyone who booked a flight with the airline through an intermediary should contact the intermediary directly.
“For the most up-to-date information, Flybe customers should visit the Civil Aviation Authority’s website or our Twitter feed.”
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