That left up to 600 mostly Filipino customers stranded in Hong Kong just before Christma.
Rhea Donna Boyce, 39, was arrested on Christmas Day and is facing conspiracy to defraud charges.
Boyce runs Peya Travel which took money from Filipino domestic workers for flights home for Christmas, leading to angry scenes at Hong Kong airport as scores of customers found their bookings didn't exist.
The travel agency's office also became under siege by angry customers seeking answers last week, who were given the impression the agency is in financial difficulties.
Eventually all travellers managed to get on flights thanks to tireless work by Philippines consulate staff to buy up remaining seats on their behalf and successfully persuaded some airlines to deploy larger aircraft.
Many customers had paid up to HKD4,300 (US$550) for the return flights.