The Halifax-based company, founded by tourism entrepreneur Hugh Boyle 'Tour operator Go Travel South', has announced ceasing its functioning on Sunday stating that it will not be carrying the passengers who were set to return to Canada.

Apologising for the inconvenience caused due to economic circumstances, Go Travel South flagged a message on its website saying, "Consumers should contact their credit card provider directly for refunds. We are extremely sorry that you will not be departing on your planned vacations".

Flair Airlines Ltd. said that it will pay about $350,000 to bring the travellers back home. Flair Airlines is used by Go Travel to transmit passengers.

Company owner Hugh Boyle said, "Difficult economic conditions put an end to the 10-year-old company. At the end of the day, I'm personally the biggest loser here. Clearly the issue was to arrange to get people brought back home and to stop taking any further people overseas. Flair is being paid for some of the flying arrangements".

General manager Chris Lapointe said, "We'll fly down empty and come down full".