Regional news: Russian Federation
Russian trustee goes after London properties in the UK Supreme Court
The Russian bankruptcy trustee of former Vneshprombank owner Georgy Bedzhamov has spent the last two days trying to persuade the UK Supreme Court that her recognition under common law gives the English courts jurisdiction to assist her in realising his immovable property in London.
22 November 2023
Hard bar date set for Sova Capital client money claims after first-of-its-kind ruling
In what is the first such order under the UK’s special administration regime for investment banks, the High Court in London has agreed to set a hard bar date for creditors of Russian broker Sova Capital to submit claims for the return of client money and assets.
03 October 2023
Second Circuit upholds contempt sanction for US attorney in Vneshprombank-linked Chapter 15
The US attorney for Larisa Markus, the bankrupt co-founder of Russia’s Vneshprombank, has failed in his appeal against a US$55,000 contempt order that followed his attempt to “stonewall” the foreign representative of Markus’ bankruptcy estate.
05 September 2023
Heuking Kühn Lüer Wojtek advising IT consultancy Softline on new StaRUG
A German district court has appointed Professor Lucas Flöther as restructuring officer to oversee a new StaRUG for the local arm of global IT consultancy Softline, which will see its majority shareholder take it over.
14 August 2023
Liquidation breaks ownership and control for EU sanctions purposes, Irish court says
When two Irish aircraft leasing companies entered liquidation, it rebutted the presumption that they were controlled by their sanctioned Russian state-owned parent, an Irish court has held, providing what lawyers say is “clear guidance” likely to be a persuasive precedent in the UK and other common law jurisdictions.
02 August 2023
Bedzhamov permitted to sell Belgravia properties
The Russian founder of Vneshprombank, Georgy Bedzhamov, has been allowed to develop and sell two London properties he owns, despite opposition from his Russian bankruptcy trustee who will attempt to take charge of the properties in the UK’s Supreme Court later this year.
19 June 2023
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