All but a dozen of Brindabella Airlines 140 or so staff have been retrenched as prospects of selling the airline have all but disappeared.
Staff were told on Monday morning - two days before Christmas - that almost all of them would lose their jobs.
One hundred and 135 staff lost their jobs, including about 60 in Canberra. About a dozen will remain with the company for now. Exact numbers have yet to be confirmed.
One employee said "it's over" as he left the building.
Receivers KordaMentha were seeking a buyer for the regional carrier, which temporarily stood down about 140 employees, including 70 in Canberra, a week ago.
It will take up to three months for retrenched staff to get entitlements from the federal government.
KordaMentha has previously admitted there won't be enough assets for the company to reimburse staff entitlements.
A KordaMentha spokesman said on Monday it was very unlikely the administrator would be able to find a buyer.
The NSW government, Qantas and Virgin have all announced additional measures to help travellers stranded over Christmas by the airline's collapse.
KordaMentha has acknowledged not all ticket holders will be able to find replacement flights, nor will all cancelled tickets be refunded.
According to creditor information, customers who paid for their tickets with cash might not be able to get their money back.
Last week, New South Wales Transport Minister Gladys Berejiklian revoked five regional licences held by the company.
Ms Berejiklian instructed Transport for New South Wales to revoke exclusive air licences for regional passenger services to Cooma, Moree, Narrabri, Cobar and Mudgee.
The NSW government regulates all flights to communities with fewer than 5000 people.