Up to 600,000 travellers across the world have been left stranded after tour operator Thomas Cook went into liquidation.
At 02:19 UK time today, Thomas Cook's website was updated, stating the company had gone into Compulsory Liquidation and was now under the control of the Official Receiver. The company also tweeted that it has ceased trading with immediate effect.
Thomas Cook revealed in May that first-half losses for 2019 widened on a major write-down, caused in part by Brexit uncertainty that delayed summer holiday bookings.
Last month, China's Fosun Group led a last-ditch bid to rescue Thomas Cook from bankruptcy, injecting £450 million (NZ$895 million) into the business in return for a 75 percent stake in Thomas Cook's tour operating division and 25 percent of its airline unit.
According to the Press Association, all of the travel company's flights have been cancelled, grounding all 105 of its aircraft.
In the wake of the collapse, the UK Civil Aviation Authority has launched Britain's largest-ever peacetime repatriation scheme, bringing home stranded Thomas Cook passengers.