The operator, licensed under its World Sky Travel parent name, collapsed in July affecting around 1,200 holidaymakers.
The firm had faced problems in recent years following a number of terrorist attacks in Turkey.
The liquidators’ statement of affairs lists the company’s total deficiency at £1,253,848, most of this being an Air Travel Trust Fund claim of just over £1 million, for refunds and repatriations.
Other creditors included Advantage, Thomas Cook, Althams Travel, Feefo and Monarch, the latter of which was owed more than £10,000.
Anatolian Sky, based in Solihull, had around 150 people abroad when it failed, with 460 forward bookings covering around 1,020 people.
The creditors report, seen by TTG, explains that the position in Turkey “went from bad to worse” and bookings were “mass cancelled”.
“Although Croatian sales were still good the profit margin was very low so did not adequately compensate for this loss,” the report read.
“During 2015 the company had reduced overheads and planned more write-downs of debt – the accumulated debt was a drain though.
“In July 2016 the CAA gave warning of an inspection visit and this invariably involves tying the company up in a lot of unprofitable work, so the director decided it was time to accept the unavoidable and the company should cease trading.”