I am just wondering if anyone has gone through an Airline Collapse. In Australia we had an airline that tried twice with different operations to get started as a LCC in Australia - Compass... I was working for a Travel Agency/Bus Carrier that we booked most of our pax on Compass (which I think at the time was YM).. we went belly up as an agency when Compass went belly up.

But we have lost a few including Ansett, Air Australia etc.. there has been XL in Europe and I am sure many others..

I am sure it is hard to go through.. but what do you really go through?