The collapse of the Jetmagic airline and the stranding of up to 400 people has lead to calls for tighter controls to protect the rights of passengers.
The Labour Party's transport spokeswoman, Ms Roisin Shortall, called on the Minister for Transport, Mr Brennan, to review licensing arrangements for airlines to avoid passengers being stranded in the future.
"Why it is necessary for travel agents to be bonded to ensure holidaymakers can return home in the event of the company folding, but not airlines?" she asked.
"Tighter guidelines should be in place to make sure a company like this and the routes it operates are viable before it opens to ensure that staff and the travelling public is not left high and dry."
Green Party TD for Cork South Central, Mr Dan Boyle said the closure will have "huge ramifications for air transport and access to the Cork area . . . questions have to be asked as to how this failure occurred."
He also condemned "predatory behaviour" by Aer Lingus in matching Jetmagic routes.
"Mr Brennan has to be challenged on the extent to which real competition exists in air transport, and how and why airports like Cork are being hindered in reaching their true potential," Mr Boyle said.
The Irish Travel Agents Association (ITAA) also asked the minister to push for a pan-European bonding for airlines.
President of the ITAA, Mr Michael Doorley said: "Since airlines are not bonded in the same way that ITAA travel agents and tour operators are, the Jetmagic passengers have no recourse to any body, and have been left in the lurch far from home."
