With multiple pressures on the airline industry this year, many smaller airlines have been forced to shut down.
In other cases of funds running out, an airline that was in the middle of launch preparations can fail to get off the ground entirely. British carrier Ecojet Airlines entered voluntary liquidation, or the British equivalent of a voluntary Chapter 7 bankruptcy, in January 2026 after its plan of converting their kerosene engines to hydrogen-electric ones bled too much money to be worth continuing.
In July 2026, shareholders of what was supposed to be a new low-cost regional Italian airline called Aerolinee Siciliane voted to dissolve and liquidate before operations could begin due to high expenses and challenges securing the necessary approvals.
Creditor petition asks to put Global Airlines into involuntary liquidation
While not currently in liquidation or any other form of formal process that can lead to it shutting down, virtual airline Global Airlines is the latest name to face mounting pressure to be put into involuntary liquidation by a creditor.
The British airline startup was first proposed in 2019 by online travel platform Holiday Swap founder James Aqsuith with a plan to purchase Airbus A380 planes and launch as a transatlantic budget airline similar to Norse or French Bee.
One flight from Glasgow to JFK in New York ran through a damp lease, or leased aircraft and pilots, from Hi Fly Malta but the one A380 plane purchased by Global Airlines has since been put in long-term storage in southern France and much uncertainty has swirled about the carrier’s future.
Leadership changes, depreciating funds and delays with completing the necessary maintenance have all delayed progress to the point that some are speculating that the airline is a failed project.
Global Airlines is a British virtual airline that has been grounded since 2025.Global Airlines
What is happening with British airline startup Global Airlines
As was first reported by DJ’s Aviation, a woman claiming to be a creditor filed a petition asking for the High Court of Justice, Business and Property Courts of England and Wales to place Global Airlines in involuntary liquidation back in May.
A similar petition was filed by another creditor in August 2025 but has since been withdrawn. As it can theoretically be rejected by the court for being meritless, this type of petition alone is not an indication of an airline’s state in one way or another.
A further hearing (the second one occurred behind closed doors in July) has been set for Sept. 15 while Global Airlines could not be immediately reached for comment on the situation.
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Some airlines that shut down or filed for bankruptcy in 2026:
Spirit Airlines: The largest airline shutdown of the year occurred when Spirit Airlines canceled all remaining flights on May 2. Although the airline had filed for Chapter 11 protection twice before, the skyrocketing price of jet fuel dealt the final blow to its operations.
Magnicharters: The Mexican low-cost airline canceled all of its flights and eventually shut down in a collapse that left thousands stranded.
Starflite Aviation: Houston-based Starflite Aviation had its AOC license revoked in March 2026, amid FAA claims that owners falsified pilot training records to bypass safety audits.
AlpAvia: Slovenian charter airline AlpAvia also shut down in March 2026 over financial problems.
Related: Another airline shuts down, cancels all flights due to low demand