British airline Monarch has collapsed, leaving 110,000 passengers abroad and around 750,000 people with flights they have paid for, but will not be able to take, the BBC reports.
Monarch's administrators, KPMG, said that the "vast majority" of people should get their money back in one way or another.
The Atol scheme refunds customers if a travel firm collapses and ensures those holidaymakers are not stranded.
However, while Monarch package holidays are protected by the Atol scheme, those who booked flights only are NOT protected.
This is because Monarch withdrew from flight-only protection last year.
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