The rescue deal was announced four days ago.

Nigel Atkinson and Mark Fry of Begbies Traynor said the sale of Silverjet to Kingplace, an Irish company managed by Heritage Cie of Geneva, would not be completed.

Kingplace had been unable to complete “unusually complex negotiations” with third parties, thought to refer to agreements with the Civil Aviation Authority and aircraft finance providers. Begbies added: “As a consequence, we have today had to make the entire workforce formally redundant, in line with our legal obligations as administrator.

“We are extremely disappointed to have had to make these redundancies, which we had been working hard to prevent.”
Luton-based Silverjet stopped flying two weeks ago, a week after trading in its shares was suspended.

Begbies said it was continuing to talk to possible buyers of the airline’s assets.