Crisis talks in progress right now with CAA top chiefs, Monarch CEO and Greybull brothers at the CAA right now trying to prove they have the funds to continue operations. CAA will be working out how £40 million profit gained over summer will last over the hard winter. With Monarch not really big on the winter sun destinations like other airlines (who also continue to make a loss), it is likely the ATOL license will be pulled. Of course they can continue to sell flights until they declare themselves bankrupt as the AOC will be valid (you don't need to be financially sound to have an AOC).