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An extraordinary general meeting of shareholders will be held to consider winding up the company.
The airline has apologised to passengers who have booked flights with it. Passengers, including those booked on return flights who are now stranded in Malaga and Alicante, must now make alternative arrangements.
JetGreen says these passengers must submit a claim to the Commission for Aviation Regulation for the cost of the flight, on foot of the airline's travel bond.
JetGreen has become the latest start-up airline to be swept aside by the intense competition between carriers in Europe. Earlier this month an Edinburgh-based airline, Duo, which had planned two routes from Shannon, also went out of business. In February, the Cork-based JetMagic collapsed.
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