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However, it is thought that aviation regulators refused to allow the airline to continue operating without the immediate payment of debts to air traffic controllers. Suppliers were also refusing to refuel Zoom's aircraft unless they were paid in cash, which would have cost about £30,000 per flight.

More than two dozen airlines around the world have been forced into bankruptcy this year because of rising oil prices and the economic slowdown in North America and Europe.

Silverjet, which operated business-class services from Stansted to New York, shut down in June and Oasis, a low-cost operator to Hong Kong, closed in April.

Zoom, which was based in Ottawa, operated from Glasgow, Gatwick, Manchester, Cardiff and Belfast to cities such as Vancouver, Calgary and Halifax in Canada. It also provided charter services to Florida in the United States and the Caribbean.

Zoom passengers stranded in Gasgow and Gatwick were furious after being given no information on what was happening to the airline.

Jim McGrory, 62, from St Andrews, said he was travelling to Calgary from Glasgow and had been forced to spend £600 to fly with another airline. He added: “When I arrived there was a large queue at the Zoom office. Eventually we were told there was a delay because of a financial problem of some sort. We have not been offered any compensation or help to find an alternative route. I think it’s been handled very badly.”

James Brown, a passenger from Glasgow, said: “Myself and my wife are booked for three days in Vancouver, then we’re travelling through the Rockies to Calgary. If there are any further problems with our flight, then that will effectively mean our holiday is ruined. The communication is extremely poor.”

Passengers who have travel insurance or booked their flights through an agent should be able to claim compensation for cancelled or delayed flights.

However, passengers who booked direct on Zoom’s website may only be able to reclaim their money from credit card insurance.

Virgin Atlantic and British Airways have said they will offer Zoom passengers discounted fares on their services.

Aviation regulators are considering imposing a levy on all air passengers to create an emergency fund for those caught in this sort of situation. Airlines are not keen on this idea because they do not want to increase fares further.

Aviation analysts expect more airlines to go out of business in the coming months on the back of falling demand for flights and high fuel costs. Some estimates predict that as many as 50 carriers in Europe could collapse, leaving only those with strong balance sheets, such as British Airways and Lufthansa.

Aer Lingus, the Irish airline, said that it expected to lose up to €30 million (£24 million) this year and could lose substantially more next year without severe cost cutting. It gave warning that, without reducing its costs, its business may not continue to be viable.

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