Sanctions - Liquidation Breaks Ownership and Control Link

The Irish High Court has determined that the liquidation of an Irish aircraft leasing company, which was a 100% subsidiary of a Russian company expressly subject to EU sanctions, rebuts the presumption that the company was controlled by the Russian parent for the purpose of EU sanctions.

This enables the liquidators to deal with the assets without costly and time-consuming derogation applications.

Background

Filed under:
Ireland, Russia, Company & Commercial, Insolvency & Restructuring, Litigation, Trade & Customs, Mason Hayes & Curran LLP, Central Bank of Ireland
Authors:
Frank Flanagan , Judith Riordan , David McGovern , Christine O’Donovan
Location:
Ireland, Russia
Firm:
Mason Hayes & Curran LLP
Up, Up and Away: Irish Commercial Court Orders Removal of Registrations relating to Aircraft

Executive Summary

The Irish High Court currently has exclusive jurisdiction to make orders against the Registrar (as defined below) pursuant to the Convention and the Protocol (both as defined below).

The recent judgment of Mr Justice McDonald in Unicredit Global Leasing Export Gmbh v Business Aviation Limited and Aviareto Limited1 is a welcome reminder that the Irish Courts will not tolerate misleading registrations on the International Registry for International Interests in Mobile Equipment (the "Registry").

Filed under:
European Union, Ireland, Asset Finance, Aviation, Insolvency & Restructuring, Litigation, Walkers, High Court (Ireland)
Authors:
Gavin Smith , William Greensmyth , David McGovern , Killian McSharry
Location:
European Union, Ireland
Firm:
Walkers