We were stranded in Spain when XL went bang. However, we had paid by credit card. We booked another flight to come home, which cost about 3 times what the XL flight cost, and simply claimed it from the credit card company when we got home. They paid up in full within a few weeks.
I can't believe that anybody still books flights only these days using a debit card, with all the warning signs and companies going boom over the past couple of years.
Our flights for next year to Calis are booked with Monarch, so fingers crossed they will ride the storm! In any case, we have booked by credit card, so we have no worries.