More than 400 passengers were left without return flights when the nine-month-old Cork-based airline, Jetmagic collapsed.
Some 300 were in the airline's European destinations, while 100 who had flown into Cork were left to make their own way home.
The company ran routes to Alicante, Barcelona, Belfast, Edinburgh, Jersey, Liverpool, London, Nantes, Nice and Paris.
The largest group hit by the collapse was a contingent of 40 Glasgow Celtic fans from Cork city on their way to Scotland for a weekend stag party.
The group from the Friars Walk Tavern had booked out a Jetmagic aircraft to fly them to Glasgow to see their favourite team play and spend the weekend celebrating the impending marriage of one of the pub's regulars.
Mr Pat Mulcahy, owner of the pub and organiser of the trip, said the group was deeply shocked by the news of the closure.The group made telephone calls all day yesterday to try and find an alternative route to Glasgow.
"We were very disappointed with Jetmagic.
"We rang them and they told us there was nothing they could do, just to get on to the credit card company. By the end of it we're going to be €6,660 out of pocket. We're all hoping that it isn't a bad omen for the wedding," added Mr Mulcahy.
Other Jetmagic passengers began arriving at Cork Airport from 5 a.m. yesterday and were told the bad news.
Some passengers were notified by telephone late on Wednesday night, but many heard the news only when they arrived to check in.
Ms Naomi Jackson of Douglas, Cork, who was set to fly to Nice with her partner yesterday, expressed her disgust with the news of the cancellation. The trip was a Christmas present to her boyfriend.
Mr Dominic Connolly from Cork is stranded in Barcelona Airport and said yesterday the collapse had left him severely out of pocket.
Ms Fiona Keating, who works with World of Wonder toy store in Cork, was due to travel to London at 9.15 a.m. yesterday for a toy fair. However, she was forced to pay €220 for a one-way flight to Stansted with Ryanair.
The chief executive of the Cork Chamber of Commerce, Mr Michael Geary, said it was very disappointing that the company had failed.
"It was a very ambitious programme, and I have to express my sympathy to the shareholders," he said.