The airline's collapse left hundreds of passengers stranded
Administrators appointed by collapsed airline Zoom have admitted there is little chance of the business being resurrected.
Accountants and business advisors PKF have begun the process of assessing Zoom's debts and assets.
It said a possible re-financing package had not been completed because of the "overwhelming" demands of creditors and suppliers.
The low-cost transatlantic carrier suspended all its flights last month.
The Scottish-owned airline blamed the "horrendous" price of jet fuel and the economic slowdown for its closure, which left hundreds of passengers stranded and caused 45,000 more to lose their bookings.
Anne Buchanan, a senior partner at PKF, who is leading the administration team, said: "Although a re-financing package appeared imminent last week it could not be completed before the airline was overwhelmed by the demands of suppliers and creditors.
"As administrators we will examine every possible avenue to resurrect the business and we believe some discussions have taken place. However, the chances of succeeding are very slim and we must remain realistic about the outcome.
"Although we are at a very early stage of our financial investigation, we cannot be optimistic that there will be sufficient funds available to pay a dividend to the unsecured creditors."
Zoom Airlines comprised two companies, Zoom Airlines Inc in Canada and Zoom Airlines Ltd based at Gatwick.
Separate insolvency practitioners, Doyle Salewski Inc, based in Ottawa, have been appointed in Canada to handle the affairs of Zoom Airlines Inc which operated routes between Canada, the UK and Europe.
Zoom, founded in 2001, flew mainly to Canada from Glasgow, Gatwick, Belfast, Cardiff and Manchester airports.