Blair Nimmo, Jim Tucker and Mike Pink from KPMG were appointed as administrators to Monarch Airlines this morning.
Nimmo, Tucker and Steve Absolom were also made administrators of Monarch Travel Group.
The Civil Aviation Authority (CAA) confirmed 300,000 future flights had been cancelled. This included all flights from the UK, which will not be rescheduled.
KPMG and the CAA are arranging alternative flights to the UK for the estimated 110,000 customers left overseas. More than 30 aircraft have been requested for the task.
Nimmo, a partner at KPMG, said mounting cost pressures and increased competition in the European short-haul market had contributed to the trading losses.
“This has resulted in Management appointing us as administrators in the early hours of this morning,” he said.
“We will also be speaking to all of the Group’s employees today, and commencing the process of returning the Group’s leased aircraft fleet to its owners”.
The firm has also announced a raft of redundancies, with 1,858 of the 2,100 employees losing their job - 1,760 from Monarch Airlines, and 98 from Monarch Travel Group.
“Over the coming days, my team will be doing all it can to assist the employees in submitting claims to the Redundancy Payments Office for monies owed," Nimmo said.