Around 2,000 jobs are at risk and the airline has advised customers not to travel to the airport unless they have arranged an alternative flight.
Chief Executive Mark Anderson said: "Despite every effort, we now have no alternative − having failed to find a feasible solution to allow us to keep trading."
Flybe was Europe’s largest regional airline, operating about 40 per cent of regional UK flights. After the company had to contend with heavy storms disrupting air travel, the latest panic about the coronavirus outbreak added to the list of reasons people wouldn’t travel anymore.
Anderson said: “The UK has lost one of its greatest regional assets. Flybe has been a key part of the UK aviation industry for four decades, connecting regional communities, people and businesses across the entire nation.”
Before going into administration, Flybe asked the UK Government for help and agreed on a rescue deal about two months ago.
In response to the collapse, the UK Government said: "We are working closely with the industry to minimise any disruption to routes operated by Flybe, including by looking urgently at how routes not already covered by other airlines can be re-established by the industry."