The Antwerp-based airline said that all its flights had been cancelled “with immediate effect”.

VLM had applied to a court in its home city for bankruptcy protection in May when it presented a “turnaround plan” aiming to put it back into profit by the middle of next year.

But it issued a statement on its website yesterday saying: “We are sorry to have to inform you that VLM Airlines NV has filed for bankruptcy on Wednesday June 22 2016. All flights are cancelled with immediate effect.”

VLM, which had been in business since 1993, operated a fleet of 11 Fokker 50 aircraft. The company made a loss of €13 million in 2015.

Earlier this month, the airline ended its twice-daily service between Luton and Waterford in Ireland.

VLM also launched a route between Birmingham and Antwerp in October 2015.

The airline was purchased by Air France KLM in 2008 through its Cityjet subsidiary and then became part of the Intro Group in 2014, which then sold VLM to its management later the same year.