London-based Lorenz Voyager Travel has ceased trading with 500 forward bookings.
The Turkey and northern Cyprus specialist traded as Green Island City Breaks, Green Island Holidays and Lorenz Voyager and is thought to have 150 passengers abroad protected by ATOL.
Its forward bookings cover around 1,000 people and those with flight numbers starting FHY have had their holidays cancelled.
Those with other flights can continue with their holiday but could be forced to pay for their own accommodation when they reach the resort.
The Civil Aviation Authority (CAA) said it would refund these extra charges and those that choose not to travel can have a full refund.
Student travel firm GBCE Limited also collapsed last week with 100 people abroad.
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