Courts / Dublin / Report

Russian State owned companies to resist largest liquidation in Irish history

Summary

Two Irish‑registered Russian state‑owned leasing companies, GTLK Europe DAC and GTLK Europe Capital DAC, are fighting a High Court application to be wound up, which would be the largest liquidation in Irish history. Creditors, including Trinity Investments DAC, Allestor Europe Multi Asset Portfolio, Ben Oldman Special Situations Fund LP and Sona Credit Master Fund Limited, have petitioned for liquidation on the basis that the firms are insolvent and cannot pay debts of about €162.5 million. They argue that sanctions imposed after Russia's invasion of Ukraine have devastated the group, leading to lease terminations, asset freezes and defaults on refinancing agreements. The companies, which lease ships and aircraft worldwide, have requested that the court adjourn the hearing to allow them to file a formal application to pause the petition. The case is set to be heard later this month, with the court noting the legal complexities and the need to address sanctions if liquidation proceeds.

Who, what, where, when and why

What: Report matter: Russian State owned companies to resist largest liquidation in Irish history. Procedural stage: hearing_or_decision

When:

• February 2022 Other
• 2023-05-05 Publication

Case subjects

Places mentioned

Topics

Stage Hearing Or Decision

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Read the original CNI report