Flybmi reportedly owed £37 million when it collapsed in February.
Most creditors, including passengers and suppliers who have lost out, may receive only 1% of their claims, according to administrators.
Many of the regional airline’s routes, aircraft and former staff have been taken on by sister carrier Loganair.
Passengers were due £3.8 million under EU compensation rules when Flybmi filed for administration, according to a statement of affairs from the company’s directors.
Passengers whose flights were cancelled were told to contact their travel agents or insurance or credit card companies for a refund.
Rolls Royce was owed £2.25 million for a servicing contract, the BBC reported the statement of affairs as saying.
Stansted and Bristol airport were owed money by Flybmi, according to a list of unsecured creditors to the airline.
The carrier operated 17 aircraft, 14 of which were “detained” after the administration “due to unpaid navigation service charges,” according to the administrators.
Parent company Airline Investments Limited (AIL) said the airline made a loss of £6.8 million in the year to March 31, 2018 and losses deepened during the rest of last year.
“The company was also becoming increasingly concerned about the potential impact of Brexit and the ability to conduct intra-European flying whilst operating under a UK Operators Certificate,” administrators BDO reportedly said.
BDO said Flybmi’s trading was worse than forecast at the end of 2018 and beginning of this year when FlyBMI’s ultimate owners, the aviation entrepreneurs Peter and Stephen Bond, said they would stop funding the carrier.
AIL said more than £40 million had been invested in Flybmi in the six years before its collapse.
Many of Flybmi’s former routes, including those from Newcastle and Aberdeen, have been taken over by Loganair.
Fifteen former Flybmi aircraft will be operated by Loganair while about 130 former pilots and cabin crew now work for the Scottish carrier.
Airport take off and landing slots controlled by Flybmi were “transferred” to Loganair before administrators were appointed “preventing the airports seeking to cancel them”, BDO said, adding that Loganair is trying to sell the slots.
The two airlines used to “trade as sister airlines with their own management teams and brand identities but taking advantage of commercial, operational and procurement synergies”, according to AIL.
More: Flybmi collapses in face of Brexit uncertainty and soaring fuel costs
Loganair takes over collapsed flybmi Aberdeen and Newcastle services
