Thomas Cook has entered compulsory liquidation.
The move will see 20,000 jobs put at risk, including 9,000 in the UK, and has seen all of the company’s flights and holidays cancelled.
Last minute rescue talks failed last night as more than 600,000 customers were on trips abroad.
The CAA will work with the Government to get the 150,000 Brits abroad with Thomas Cook back to the UK.
The process will take place over the next two weeks, from September 23rd to October 6th, with the help of a fleet of aircrafts from around the world.
A spokesman for the CAA said: "Due to the significant scale of the situation, some disruption is inevitable, but the Civil Aviation Authority will endeavour to get people home as close as possible to their planned dates.
"This will apply to both ATOL (Air Travel Organiser's Licence) protected passengers and those who are not protected.
"Passengers currently overseas may also make claims for the cost of replacing ATOL protected parts of their trip, or for out of pocket expenses as a result of delayed flights home.
"ATOL protected passengers with future bookings are entitled to a full refund for their cancelled holiday. The Civil Aviation Authority will be launching a service to manage all refunds by Monday 30 September, once the flying operation has progressed.
"Customers currently overseas should not travel to the airport until their flight back to the UK has been confirmed on the dedicated website."
