Citywing says it's expecting to have to turn people away from a creditors' meeting next week.
The meeting, at the Best Western Palace Hotel in Douglas, is due to take place at 10am next Friday.
But with up to 16,000 passengers owed money, Citywing says the biggest venue it can find only holds 250 people.
And it adds once the room's limit has been reached, people won't be allowed inside.
Citywing says any passengers affected after it went into liquidation a week ago should visit the citywing.com website for details about the meeting.
Creditors will be able to vote on motions during the meeting - and proxy forms are available for those who are owed money but who can't attend.
In a statement on the company's Facebook page Citywing directors say proxy voting would avoid people being disappointed if the room is already full when they arrive.
Anybody who is owed money by the company is entitled to go to a creditors' meeting called by the liquidator.
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