The airline was reportedly in rescue talks overnight (13 January), including with the government, to try and get financial support amid rising losses.
The British Airline Pilots’ Association (Balpa) has said it is "appalled" at the situation, which could reportedly put thousands of jobs at risk.
"According to reports, the airline could have collapsed over the weekend which would have been devastating news," said Brian Strutton, Balpa’s general secretary.
"This is an appalling state of affairs, and we demand that the owners of Flybe – Virgin, Stobart and Cyrus – and the government departments involved stop hiding and talk to us about Flybe.
"We have a right to be consulted and the staff have a right to know what is going on."
Flybe was bought by a Virgin Atlantic, Stobart Group and Cyrus Capital Partners consortium last year.
The airline is yet to respond to TTG’s request for comment.
