Monarch Airlines has gone into administration after failing to secure its financial future over the weekend.

Kanal24 reports citing Business Insider that, Monarch, one of the UK's oldest airlines, announced it was ceasing trading on Sunday. It is the largest ever administration of a UK airline.

All future flights have been immediately canceled, affecting an estimated 300,000 bookings.

110,000 passengers have now stranded abroad as a result of Monarch's administration and the UK's Civil Aviation Authority (CAA) is stepping in to put on emergency flights to bring people home - the biggest post-war time repatriation effort in Britain.

Rumours of financial trouble at Monarch first surfaced in September last year but the airline strongly denied it was in trouble. The airline received a funding injection shortly after but has failed to turn things around. Monarch lost £291 million in the year to October 2016.

Monarch, based in Luton, was founded in 1967 and ran flights to the Mediterranean.