Regional news: Russian Federation

Two for none: BVI court refuses to enforce assigned Russian judgment debt at common law

A British Virgin Islands court has refused to enforce two Russian bankruptcy court judgments as one, finding that the judgment assigning the debt to the petitioner had to be enforced first, but did not satisfy the common law requirements under the Dicey Rules.

08 November 2022

Russian bankruptcy recognised in Isle of Man despite human rights claims

A judge in the Isle of Man has recognised a Russian bankruptcy order against the wife of a mineral water entrepreneur, despite finding that Russia’s expulsion from the Council of Europe in March removed the presumption that Russian orders will be enforced.

09 August 2022

Petropavlovsk minority shareholders lose bid to adjourn sale

Minority shareholders of London-listed gold producer Petropavlovsk have failed to persuade an English judge to adjourn its sale to a Russian metals producer, days after he allowed the transaction to go ahead in the wake of UK and EU sanctions.

05 August 2022

Russian entity can buy gold miner Petropavlovsk, English court rules

In the face of delays for obtaining a sanctions licence, gold miner Petropavlovsk’s administrators have received court permission to pursue a share purchase agreement that will see the debtor taken over by a Russian metals producer whose CEO was sanctioned by the EU in July.

02 August 2022

Russian gold miner Petropavlovsk enters English administration

London-listed Russian gold producer Petropavlovsk has entered administration in England after UK-imposed sanctions left it unable to withdraw funds from its Russian subsidiaries and caused its main lender Gazprombank to demand full repayment of a loan.

18 July 2022

Australia recognises Russian personal bankruptcy

The foreign representative of a bankrupt Russian entrepreneur has successfully obtained recognition in Australia under the Model Law; meanwhile a Singaporean bankruptcy trustee has received assistance from an Australian court under a local bankruptcy statute, despite the bankrupt’s attempts to stall the application with claims of conspiracy, a faulty laptop and a sore throat.

01 July 2022

GRR Live, Women in Restructuring: is it 2007 all over again?

A 50% chance of a “shallow” recession next year, or 2007 all over again? Leading women in restructuring came together at GRR’s first live event in two and a half years to debate what lies ahead for practitioners and clients, amid skyrocketing inflation, post-covid supply chain issues and war in Europe.

10 June 2022

English court: administrator appointments over sanctioned entities can ensure compliance

While some practitioners have been reluctant to take appointments over entities hit by Russian sanctions, the High Court in London has ruled that administrators can be “critically important” and strengthen the prospects of sanctions being complied with.

10 May 2022

Westbrook and Paulus: “We are concerned about the future of insolvency”

Leading lights of the insolvency community Jay Westbrook and Christoph Paulus say they are concerned about what they see as an abuse of bankruptcies to shield third parties from liability.

05 May 2022

Stibbe appointed as Dutch bank falls victim to Russia sanctions

A Dutch subsidiary of Russia’s Alfa Bank has entered bankruptcy in Amsterdam, becoming the latest company to struggle following UK and US sanctions imposed as a result of the war in Ukraine.

25 April 2022

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