MOSCOW, June 13 - RAPSI. The Moscow Commercial Court has placed the International Travel Club (ITC) into bankruptcy administration, the court told the Russian Legal Information Agency (RAPSI/rapsinews.com) on Wednesday.

In doing so, the court has satisfied the operator's petition for own bankruptcy.

The ITC said at the hearing that the "company has practically ceased operations."

Its liabilities amount to 55.332 million rubles ($1.7 million), while its assets are estimated at 282,000 rubles ($8,650), plus an account balance of 1.116 million rubles ($34,250), according to its representative.

The court will start hearing the case on its merits on December 12. The ITC stopped sending tourists abroad and advised its partners and clients of its financial problems on April 6.

Megaruss-D, the operator's liability insurer, has paid to its clients more than 5 million rubles ($153,400) under 123 claims.