Specialist flight delay compensation law firm Bott and Co says that those affected by the potential Flybe collapse should: 

Investigate alternate flight options
 
Without scaremongering, it is advisable that anyone with a scheduled Flybe flight should look into alternative flights and have an idea of how much these will cost. 
 
Should the airline collapse, the government would work on assisting those stranded abroad in getting home in an operation similar to Operation Matterhorn, which was used to bring more than 150,000 Thomas Cook passengers back to the UK after it went bankrupt last year.  
 
Investigate alternate refund options
 
Any passengers who booked their Flybe flights as part of a package holiday through a UK travel agent will be covered by the ATOL protection scheme if the airline goes bust.This means the travel firm will be responsible for arranging alternative flights or providing a full refund. 
 
Those who have paid for their flights with a credit card may be able to recover their money, in full, under the Consumer Credit Act using Section 75. 

For flights which cost less than £100 or were paid for using a debit card, the Visa/MasterCard/Amex ‘chargeback’ system can potentially be used to recover the money paid. 
 
Not expect compensation for previous Flybe delays or cancellations
 
In reality, people who are currently in the process of claiming compensation for a flight delay, cancellation or denied boarding via EU Regulation 261/2004 are unlikely to receive it. Compensation claims falls to the bottom of the pile when an airline collapses, with money to secured creditors and airline staff coming first. 
 

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