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Essentially being offered store credit to a store with questionable longevity is probably edging towards dick move, but I had the same reaction initially. My only experience of chargebacks is on the vendor side where you get stung with a fee and accused of fraud. I've had a customer do that because they changed their mind and wanted to cancel their (already shipped) order. Took ages to sort out.
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How so? It's your money, they've not provided you with the service you paid for and as you said, they're effectively giving you a coupon instead of a refund.
As you note, it's likely they'll go into administration by the time you could redeem your flights, by which time it may be too late to do a chargeback anyway... Seems daft not to use the consumer protection your credit card gives you to protect yourself-it's not like the receivers will be giving full refunds unless obligated by similar card protection/ATOL provisions anyway.
If you paid by credit card just call your bank and get them to do a chargeback now, saves any fucking about.