Spanish carrier Futura International Airways has suspended operations for 24 hours today but is intending to resume services.
In a statement the Spanish ministry of public works says the carrier will seek protection from creditors both for itself and subsidiary Flyant.
The ministry says the company must submit a business plan, information about its financial position, and a plan guaranteeing safety of operations by 12 September.
Futura International Airways is based in Palma de Mallorca and has a fleet of around 20 Boeing 737s from several lessors.
Its Irish subsidiary, Futura Gael, has already had its air operator's certificate withdrawn by local authorities.