Luton based airline Monarch has ceased trading

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Nobody should underestimate size of challenge.

Monarch chief executive, Andrew Swaffield, blamed a drop in profits on "the closure, due to terrorism, of Sharm-El- Sheikh and Tunisia and the decimation of Turkey".

Why has Monarch gone into administration?

Shares of easyJet Plc (ESYJY.PK, EZJ.L) and Ryanair Holdings Plc (RYA.L) were gaining in the morning trading in London after domestic rival Monarch Airlines had been placed into administration. The CAA has provided funding to enable the Group to retain a number of employees to assist us with the provision of this information.

The CAA has since taken over the company's website, while the Department for Transport has set up two helplines.

A 24-hour helpline is also available on 0300 303 2800.

Monarch has collapsed into administration, the biggest United Kingdom airline ever to cease trading, and all its flights have been cancelled.

"This is the biggest United Kingdom airline ever to cease trading, so the Government has asked the CAA to support Monarch customers now overseas to get back to the U.K.at the end of their holiday at no extra cost", CAA chief executive Andrew Haines told The Telegraph.

The UK's biggest peacetime repatriation is under way after the collapse of Monarch Airlines, with 110,000 customers to be brought home on specially chartered planes.

GettyMonarch has a 24 hour extension for their Atol license expiration
GettyMonarch has a 24 hour extension for their Atol license expiration

In total some 11,843 passengers were flown back to the United Kingdom, from 24 destinations.

A statement from the CAA said: "As of 2nd October 2017, all future holidays and flights provided by these companies have been cancelled and are no longer operating".

Will customers who have booked a holiday be entitled to compensation?

Package holidays booked directly with Monarch Holidays are ATOL protected, meaning that a full refund will be issued.

On Monarch website, the CAA has put together a guide on how to claim a refund. Anyone who fits that description should check this page for details of their new flight.

This is where matters become more complicated.

If you haven't yet travelled and booked a future Monarch flight on or before 14 December 2016, you should have ATOL protection - you'll have received an ATOL certificate confirming this.

Those who purchased tickets prior to December 14, 2016 are able to make their claim for compensation through the ATOL industry protection program for United Kingdom consumers, said authorities.

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