Regional news: Russian Federation
Ukraine can defend Russia bond default, UK Supreme Court rules
The UK’s highest court has ruled that Ukraine can defend its non-payment of a US$3 billion Eurobond debt to Russia at a full trial, after finding it has an arguable and justiciable defence of duress.
15 March 2023
Bankrupt Russian entrepreneur fails to block London property seizure
The foreign representative of a Russian businessman’s bankruptcy trustee has been permitted to seize a multi-million pound London property, after an English court rejected the bankrupt’s arguments that he had gifted all his assets outside Russia to his wife and children.
13 March 2023
Russo-British bank’s administrators seek High Court nod for “remarkable” securities transfer
The special administrators of Russo-British investment bank Sova Capital have asked an English court to approve a “remarkable” transaction swapping an unsecured creditor’s claims for its portfolio of Russian securities, against opposition from another creditor.
23 February 2023
BVI appeal court repeals receivership order for sanctioned VTB Bank
The Eastern Caribbean Court of Appeal has set aside a receivership order put in place on behalf of sanctioned Russian bank VTB, finding that the repeal in itself would not contravene international sanctions.
15 February 2023
Sequor Law advising Russian national’s English trustees in Miami Ch15
The English trustees of a bankrupt Russian businessman accused of committing a fraud against banks he owned have sought recognition of their appointments in Florida to pursue assets and possible litigation.
09 February 2023
VEON secures sanction of English scheme
Netherlands-incorporated telecoms company VEON has secured sanction of an English scheme to extend two sets of notes while it tries to sell a wholly owned Russian subsidiary.
30 January 2023
Europe column: The need for a pan-European approach on Russia sanctions impacting insolvencies
Bob Wessels, professor emeritus of international insolvency law at Leiden University and expert counsel on restructuring and insolvency to the European Commission, discusses how Russia sanctions have permeated a Dutch insolvency, and makes a case for a pan-European approach towards the impact of public law measures on insolvency law.
16 January 2023
China Fortune Land alters English scheme amid new Russia sanctions
Struggling Chinese property developer China Fortune Land Development has been forced to amend its English scheme after the UK announced new sanctions that prohibit the provision of trust services to Russian persons or entities.
09 January 2023
Petropavlovsk scheme meetings greenlit as Citibank threatens to close accounts
The administrators of London-listed Russian gold miner Petropavlovsk have received a nod from an English court to place two of its Jersey-incorporated subsidiaries into administration and hold three scheme meetings for the trio, as Citibank threatens to close the group’s accounts and drop all business related to Russia.
21 December 2022
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