Courts / Dublin / Report

€4bn wind up of companies linked to Russia would be biggest in history of State, High Court hears

Summary

The High Court was asked to order the largest winding‑up in Irish history after hearing that two Irish‑registered leasing companies, GTLK Europe DAC and GTLK Europe Capital DAC, worth over €4.11 billion and ultimately owned by the Russian Federation, are insolvent and cannot pay debts due to sanctions. The companies, part of Russia's largest leasing business, have had lease agreements terminated and assets frozen after sanctions imposed in February 2022. Four creditors – Trinity Investments DAC, Allestor Europe Multi Asset Portfolio, Ben Oldman Special Situations Fund LP and Sona Credit Master Fund Limited – claim €162.5 million is owed and seek liquidation. The court, hearing ex‑parte before Mr Justice Brian O'Moore, set directions and deadlines for interested parties and adjourned to May to determine the hearing's length. The creditors propose Damien Murran and Julian Moroney of Teneo Restructuring Ireland as joint liquidators. The case remains at the winding‑up application stage.

Who, what, where, when and why

What: Report matter: €4bn wind up of companies linked to Russia would be biggest in history of State, High Court hears. Procedural stage: hearing_or_decision

When:

• February 2022 Hearing Or Sentence
• 2023-04-19 Publication

Why: Counsel said that the creditors are legally entitled to bring the application before the court and it was not a case of them bringing this petition in order to be paid what they are owed. CNI source report

Places mentioned

Topics

Stage Hearing Or Decision

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Read the original CNI report