The Civil Aviation Authority announced at 2 am on Monday morning that the world’s oldest holiday company had gone into administration and that all flights and bookings had been canceled.

“Thomas Cook Group, including the UK tour operator and airline, has ceased trading with immediate effect,” the aviation regulator said in a statement. “All Thomas Cook bookings, including flights and holidays, have now been canceled.

The government and the CAA have triggered the UK’s largest-ever peacetime repatriation – codenamed Operation Matterhorn – to bring holidaymakers home.

Related: Thomas Cook travel chaos / Holidaymakers kept inside hotel over unpaid bill fears