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The UK Civil Aviation Authority has stepped in to support holidaymakers who were booked to travel with the Holiday Place.
The London-based company ceased trading earlier.
There are believed to be around 450 people currently abroad on ATOL protected packages booked with the company.
Anyone who is currently abroad will have tickets for their flight home.
These are still valid, and people should check-in as normal, advised the CAA.
The CAA is actively working with accommodation providers to make sure all affected customers can continue their holiday.
“If for any reason you are required to pay again for their accommodation, we advise to obtain receipts for payment and submit a claim for your ATOL protected package through the ATOL scheme,” added the organisation.
“If you choose to travel, you may be asked to pay again for replacement services of your original package holiday.
“However, you are entitled to submit a claim for a refund on your return through the ATOL scheme.
“Replacement services may include accommodation, transfers or other services but you must confirm which services were included in your package holiday.”
Holiday Place also traded under the names of the fishing place, the scuba place, Cubaholidays.co.uk, Dubaiholidays.co.uk, Cuba Holidays, Holiday Place, Ocean Jewels, Holiday USA, Egypt Direct, Dubai Direct, Go Dominican Holidays, Just Caribbean, the Cuba Experience, the Cyprus Experience, the Kenya Experience and the Mexico Experience.
A spokesperson for the UK Civil Aviation Authority’s ATOL financial protection scheme said: “We understand this will be concerning news for anyone who has booked to travel with the company.
“However, the ATOL scheme exists for exactly this kind of situation and we are making immediate arrangements so all ATOL protected customers may make a claim for their ATOL protected package via the ATOL scheme.”