No the airline hasn't gone bust but I'm surprised this has reached a BBC TV series - "The Sheriffs Are Coming". The airline ignored a court order to pay compensation for a delay occurred to a couple.
After fruitless correspondence with the airline the couple took the case to court and won. However the airline didn't comply and pay up so they went to the bailiffs. The clip shows them going to the check in desk at LBA and whilst the cameras were refused access to the boss the airline eventually paid up claiming that for such a small amount they were surprised it went this far.
Surely such negative story will no doubt do damage to the carrier.
BBC One - The Sheriffs Are Coming, Compilations Series 3, Episode 8