"Mounting cost pressures and increasingly competitive market conditions in the European short-haul market have contributed to the Monarch Group experiencing a sustained period of trading losses", the airline's accountants KPMG said in a statement.
"Our focus now is on assisting the Civil Aviation Authority (CAA) with its efforts to assist passengers both at home and overseas". You can also message the Guardian on WhatsApp by adding the contact +44 (0) 7867825056.
"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.
According to British Flight Authority CAA, approximately 110,000 passengers from Monarch are located overseas.More news: No. 21 Florida Gators, Vanderbilt Commodores look forward to fresh starts
This is the UK's largest ever airline to enter administration.
The chief executive of the CAA Andrew Haines said passengers should prepare for some delays.
A popular airline which flew out of Gatwick Airport has gone into administration, cancelling hundreds of flights and leaving up to 110,000 passengers overseas.
Majority shareholder Greybull Capital had pumped another £165 million ($220 million, 185 million euros) into Monarch to allow the airline to retain its licence to carry on selling package holidays.More news: Raiders lose QB Carr for 2-6 weeks
The CAA said on Twitter: "Some disruption is inevitable in these extraordinary circumstances; please bear with us as we do our very best to help".
The airline was founded in 1967, and while the number of paying customers increased in the previous year by 14 per cent, the fall of the value of the pound had led to increased costs.
Transport secretary Chris Grayling said the collapse of the firm was the result of a recent price war between airlines.More news: Vegas Shooter Stephen Paddock's Disturbing Secret Emerges
Monarch, established in 1968, witnesses huge turnout from British people wishing to spend their vacation in warm and sunny destinations, but it is facing challenges due to the severe competition.
- Google reveals new policy to boost struggling news organisations
- Formula One a tough sell for Malaysia, says promoter
- Yasir's five-for restricts Sri Lanka to 138
- President Trump doesn't let up on criticism of San Juan mayor
- Marseille attack: Knifeman shot dead by army as one killed in stabbing
- Tussle over Rahul's Amethi visit; First denied than allowed by Yogi govt
- Japan's defense chief warns of possible North Korea provocation on October 10
- Facebook to Handover 3000 Russian-Related Ads to Congress
- Bangladesh, Myanmar joint group to oversee Rohingya repatriation
- Heading into the postseason, standings show Major League Baseball is awash in great teams