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Court upholds $1 mln collection from major travel agency

15:25 25/11/2011

MOSCOW, November 25 - RAPSI. The court has held in favor of collecting over $1 million in debt from the Capital Tour travel agency and its managers Igor and Irina Beltyukov in Russlavbank's lawsuit, the court told the Russian Legal Information Agency (RAPSI) on Friday.

According to earlier reports, Capital Tour's debt was 1.3 billion rubles ($41.4 million).

Its bank accounts were blocked on November 11, 2010. The tour operator reported difficulties executing its obligations under tourist service contracts, although its bank accounts were unblocked on November 19. Over 8,000 clients were abroad when the agency suspended operations.

A Moscow district court fully satisfied Russlavbank's claims to recover its loan debt in June from the agency and the Beltyukovs. The court established that the parties entered into a loan agreement in August 2009, but neither Capital Tour nor the Beltyukovs fulfilled their obligations.

"The defendants contested the district court's judgment, but the higher court held for its decision," its press service reported.

The Moscow Commercial Court will hear Capital Tour's bankruptcy case on its merits in December.

The same court launched on May 16 administration procedures against another travel agency operating in Moscow under a similar name. Capital Tour Company has also filed for bankruptcy.

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Court upholds $1 mln collection from major travel agency

15:25 25/11/2011 The court has held in favor of collecting over $1 million in debt from the Capital Tour travel agency and its managers Igor and Irina Beltyukov in Russlavbank's lawsuit.
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