All NewsNovember 14, 2026

Another airline ordered into bankruptcy, all flights off

Global Airlines, an airline startup project that travel platform Holiday Swap founder James Aqsuith launched with a plan to purchase Airbus A380 planes and launch as a transatlantic budget airline similar to Norse or French Bee, has been ordered to shut down and liquidate by a court.

A public records notice in the United Kingdom that just went public states that The High Court of Justice in London issued a winding-up petition to the virtual airline on November 4 after months of pressure by creditors claiming that the project was bleeding money without getting off the ground.

Much else around the order and Global Airlines’ current state remains shielded from the public as the internal business situation of a private company but, under UK insolvency law, compulsory liquidation is an insolvency procedure ordered by a judge when a company is unable to pay its debt but does not choose to wind down voluntarily.

Global Airlines ordered into compulsory liquidation: What we know so far

Efforts to force Global Airlines into compulsory liquidation date back to last spring when a woman claiming to be a creditor filed a petition asking for the High Court of Justice to to place Global Airlines into involuntary liquidation due to mounting financial losses.

After the startup was first proposed to investors by Aqsuith in 2019, one flight from Glasgow to New York ran through a damp lease from Hi Fly Malta but the one A380 plane purchased by Global Airlines was since put in long-term storage in southern France due to extensive maintenance backlogs.

Related: Another airline pressured to shut down, faces liquidation risk

The initial goal was to run a virtual airline in which Global Airlines would market a network of specific flights to popular destinations but outsource the operations to more established carriers through a wet-lease agreement.

The carrier also faced challenges finding an operator who could run its envisioned flights on a A380 plane as the financial losses due to the high cost of launching an aviation company continued to accrue.

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: Prior to filing for bankruptcy, 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.

James Aqsuith initially proposed Global Airlines as a virtual airline startup in 2019.

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What went wrong with Global Airlines and Aqsuith’s lofty plans

With the airline now in compulsory liquidation and Aqsuith missing the timeframe to request a cancelation of the order, the next step is for independent receivers to evaluate the airline’s financial position and secure assets for liquidation. With the full name shielded from the public, Official Receiver V Prime based in Birmingham was named as the liquidator assigned to the case.

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Global Airlines has not been publicly commenting on its financial situation since news around the efforts to place it in involuntary liquidation first started to emerge; TheStreet’s efforts to reach the carrier or Aqsuith were also unsuccessful.

The entrepreneur’s Instagram account promoting the Global Airlines vision has over one million followers but has not been active since March 2026.

Related: Another holiday airline in bankruptcy, cancels all flights