Austrian regional carrier Robin Hood Aviation has ceased operations after becoming insolvent for the second time in 18 months.
The Graz-based company has been shut down after a court began bankruptcy proceedings on 23 August.
According to creditor protection association KSV, the airline did not have sufficient liquidity to pay its due debts of more than €400,000 ($578,000) within a reasonable amount of time.
Robin Hood was declared bankrupt in March 2010, but the creditors agreed to be paid 20% of the due balance and the company was subsequently restructured.
However, the airline struggled with the "consequences of the economic downturn and difficult market environment" and did not become viable in spite of the reorganisation, KSV said.
The carrier offered scheduled and charter flights to Linz and Zurich, and temporarily operated two Saab 340 turboprops. Lately, however, only one aircraft remained in service.
It was founded in 2005 by minority shareholder (2.6%) George Pommer. The major stakeholder, however, is fund management company Alpha & Omega, which is headed by Robin Hood managing director Karl-Heinz Zöhrer. He took over the helm from Helmut Stärker only just earlier the week.
The remainder (29.8%) is controlled by a firm named Bewina.
Pommer founded Graz-based Saab 340 start-up Fairline and was previously managing director of another Austrian start-up, Styrian Spirit. But both carriers ceased operations before Robin Hood took to the skies.