Actually, I believe that Italy has won the worldwide award in this respect!
The following is the list of the Italian airlines that either went bust or ceased operations in the recent years;
Air Emilia, Air Industria, Air Italy, Air Sardinia, Air Sicilia, Alisea, Azzurra Air, Eureka, Federico II, Fortune Aviation, Gandalf, Gold Wing, ItalAir, Med Airlines, Minerva, Noman, Pan Air, Saggittair, Si Fly, Tea, Unifly.
(forgot any?)
not to mention Alitalia and its sister companies ..., possibly AZ is the only in the world
virtually bust airline , but it is still flying!
