The brand, which was a trading name of Explore Montenegro Ltd, was licensed to carry just under 1,000 Atol-protected passengers in the period to the end of March 2023.
The directors of the company have notified the CAA of its failure, which will be the point of contact for clients with Atol protected bookings.
All staff employed by Explore Montenegro Ltd have been made redundant and the company’s phone lines and email accounts are closed.
All clients currently away on holiday will be able to continue their holiday and return home as normal. However, no future departures will be taking place.
In a statement posted on its website, the operator said: "We would like to thank all our clients for the support over the years and apologise for any inconvenience this will cause."
