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    Sanctioned creditors: High Court guidance for Trustees in Bankruptcy
    2025-01-27

    Trustees in Bankruptcy seeking to make distributions to a creditor who may be subject to UK sanctions should follow the guidance in the recent case of Thomas, Carter, Nilsson (as the joint trustees in bankruptcy of Nikolay Fetisov and Ilya Yurov) and PJSC National Bank Trust [2025] EWHC 75 (Ch).

    Background

    TLT were instructed to act on behalf of the joint Trustees in Bankruptcy of two Russian individuals, Nikolay Fetisov and Ilya Yurov.

    Filed under:
    European Union, United Kingdom, Insolvency & Restructuring, Litigation, Trade & Customs, TLT LLP, Sanctions, Office of Financial Sanctions Implementation (UK)
    Location:
    European Union, United Kingdom
    Firm:
    TLT LLP
    How Sanctions Against Russia Affect the Insolvency Process in the UK.
    2024-09-12

    Introduction:

    In an insolvency case involving both UK trustees and Russian Bank Creditors, the High Court issued guidance in regards to the potential breach of the 2019 Regulations surrounding sanctioned entities. The significant criminal and civil penalties potentially arising from this case make it a consequential and relevant case for UK arbitration and litigation lawyers to consider and understand. The final ruling deals with three key questions, as outlined in the court proceedings and expanded upon below.

    Case Summary:

    Filed under:
    Russia, United Kingdom, Insolvency & Restructuring, Litigation, Trade & Customs, Eldwick Law, Sanctions, Anti-money laundering, Insolvency, Office of Financial Sanctions Implementation (UK)
    Authors:
    Jenna Kruger , Waleed Tahirkheli
    Location:
    Russia, United Kingdom
    Firm:
    Eldwick Law
    Guidance from the High Court on the Test of ‘Ownership and Control’ in Relation to UK Sanctions
    2024-08-12

    A recent judgment in Kevin Hellard & Ors v OJSC Rossiysky Kredit Bank (in liquidation) & Ors [2024] EWHC 1783 (Ch) the High Court considers the ‘ownership and control’ test in Bankruptcy, involving trustee powers and Russian Bank creditors.

    Filed under:
    Russia, United Kingdom, Insolvency & Restructuring, Litigation, Trade & Customs, Rahman Ravelli, Secured creditor, Sanctions, Office of Financial Sanctions Implementation (UK), Trustee, Banks
    Authors:
    Syedur Rahman
    Location:
    Russia, United Kingdom
    Firm:
    Rahman Ravelli
    Further clarification on meaning of ownership or control by a designated person under the UK sanctions’ regime
    2024-07-11

    Hellard & others -v- OJSC Rossiysky Kredit Bank (in liquidation) & others [202] EWHC 1783 (Ch)

    In dealing with whether trustees in bankruptcy might potentially be breaching UK sanctions legislation by allowing Russian creditors to participate in UK liquidation proceedings, the Court has considered recent authorities on whether a designated person can be said to directly or indirectly own or control an entity and has offered its own perspective on how the relevant wording in the legislation should be construed.

    The background facts

    Filed under:
    Russia, United Kingdom, Banking, Insolvency & Restructuring, Hill Dickinson, Bankruptcy, Sanctions, Office of Financial Sanctions Implementation (UK)
    Authors:
    Siiri Duddington , Trudie Protopapas , Reema Shour
    Location:
    Russia, United Kingdom
    Firm:
    Hill Dickinson
    Insurance Quarterly Legal and Regulatory Update: 1 April 2023 - 30 June 2023
    2023-07-19

    TABLE OF CONTENTS SOLVENCY II EIOPA INSURANCE DISTRIBUTION DIRECTIVE (IDD) PRIIPS CENTRAL BANK OF IRELAND ANTI-MONEY LAUNDERING (AML) AND COUNTERING THE FINANCING OF TERRORISM (CFT) DATA PROTECTION FINANCIAL SANCTIONS SUSTAINABILITY MISCELLANEOUS Insurance | Quarterly Legal and Regulatory Update | 1 April 2023 – 30 June 2023 © 2023 Dillon Eustace LLP. All rights reserved. 2 11723734v1 1.

    Filed under:
    European Union, Capital Markets, Company & Commercial, Environment & Climate Change, Insolvency & Restructuring, Insurance, IT & Data Protection, Trade & Customs, White Collar Crime, Dillon Eustace LLP, Climate change, Electric vehicle, Cloud computing, Artificial intelligence, Sanctions, ESG, Personal data, Anti-money laundering, Data privacy, Trans-Atlantic Data Privacy Framework, European Commission, Central Bank of Ireland, European Securities and Markets Authority, European Data Protection Board, MiFID, GDPR, Solvency II Directive (2009/138/EU), Sustainable Finance Disclosure Regulation (2019/2088/EU)
    Location:
    European Union
    Firm:
    Dillon Eustace LLP
    Winding Up Order Rebuts Presumption of Control for EU Sanctions
    2023-07-11

    Earlier this year, a group of bondholders advised by William Fry and owed over US$175m by GTLK Europe DAC (GTLK Europe) and GTLK Europe Capital DAC (GTLK Capital) (collectively the Companies) petitioned for the winding up of the Companies on a number of grounds, including that they had failed to discharge scheduled interest payments and the accelerated debt constituted by the bonds following the interest payment defaults.

    Filed under:
    European Union, Insolvency & Restructuring, Trade & Customs, William Fry, Sanctions, Central Bank of Ireland
    Authors:
    Ruairi Rynn , Barbara Galvin , Leanne Ennis
    Location:
    European Union
    Firm:
    William Fry
    First ever unsecured credit bid approved by the Courts - Re Sova Capital Ltd [2023] EWHC 452 (Ch)
    2023-05-04

    Sova Capital Ltd (“Sova”) was an FCA authorised and regulated broker. Before it went into Special Administration, Sova provided investment brokerage services to institutional and corporate clients, mostly trading in the Russian market.

    Filed under:
    Russia, United Kingdom, Insolvency & Restructuring, Trade & Customs, Burges Salmon LLP, Sanctions, Financial Conduct Authority (UK)
    Authors:
    Michael Duncan
    Location:
    Russia, United Kingdom
    Firm:
    Burges Salmon LLP
    Insolvency Procedures and Russian Sanctions
    2023-03-22

    The war in Ukraine continues and the economic effect of sanctions against businesses that are connected to the Russian government are now being felt in earnest. Unsurprisingly, sanctions are becoming an increasingly hot topic for insolvency practitioners.

    Recent months have seen the Courts hand down some important decisions, which provide helpful guidance on situations where the sanctions regime interfaces with insolvency processes. We have summarised three of the most significant in this article.

    Filed under:
    United Kingdom, England & Wales, Insolvency & Restructuring, Trade & Customs, Burges Salmon LLP, Sanctions, Russia-Ukraine conflict, Insolvency, Office of Financial Sanctions Implementation (UK)
    Authors:
    Michael Duncan , James Sutherland
    Location:
    United Kingdom
    Firm:
    Burges Salmon LLP
    Unsecured "credit bid" for assets of a company in special administration
    2023-03-15

    Summary

    Filed under:
    United Kingdom, Banking, Company & Commercial, Insolvency & Restructuring, Litigation, Mayer Brown, Sanctions, Financial Conduct Authority (UK), High Court of Justice (England & Wales)
    Authors:
    Trevor Borthwick , Alexandra Wood
    Location:
    United Kingdom
    Firm:
    Mayer Brown
    An unsecured “credit bid” - a first in the UK restructuring market
    2023-03-02

    The UK High Court has considered and granted permission for a so called “credit bid” in an application by the Special Administrators of Sova Capital Ltd (in special administration) for a substantial portfolio of illiquid Russian securities. The transaction structure, involving the transfer of securities in exchange for the release of a £233m claim against the estate, is unprecedented in the UK where ‘credit bidding’ has no technical recognition.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Trade & Customs, Hogan Lovells, Sanctions, Financial Conduct Authority (UK)
    Authors:
    Robert Peel , Camilla Eliott Lockhart , Tom Astle
    Location:
    United Kingdom
    Firm:
    Hogan Lovells

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