All flights in and out of Shoreham Airport have been cancelled
The future of Shoreham Airport in West Sussex is uncertain after its parent company went into administration, with debts of a quarter of a billion pounds.
The Erinaceous Group has appointed administrators and trading on the stock exchange was suspended.
Managers at the airport immediately grounded all flights because of fears the insurance might no longer be valid.
Administrators KPMG said they were in advanced talks to find a new buyer and the airport could reopen on Tuesday.
Richard Hill, of KPMG, said: "Discussions are taking place with a number of parties interested in this business.
"We will be working hard to ensure that all employees are kept up to date with developments."
A number of the group's operations, including Erinaceous Insurance Services, remain outside of any insolvency proceedings and continue to trade as normal.
About 30 businesses operate from the airport site, including SkySouth airline, flight training schools, small private jets and some commercial transport.
SkySouth, which flies to four destinations in France, told BBC Southern Counties Radio that it was still taking bookings.