Humberside based Eastern Airways (T3/EZE) has filed notice that intends to appoint administrators as it suspended flight operations.
The airline has suffered significant losses increases £19.7 million for the last financial year to March 2024, an increase of £4.8 million.
Flights due to operate today have been suspended and it is unclear whether any will operate during the notice period.
The notice means the airline has 10 days to formulate a plan to keep the airline solvent otherwise it will collapse into administration.
As well as operating domestic flights in the UK, Eastern Airways operates charter flights and is a key airline for the UK oil and gas industry.
Eastern Airways have been approached about the situation.