Courts / Dublin / Report
Liquidators seek orders to show they control Russian firms in €4.1bn liquidation
Summary
The High Court heard that the joint liquidators of GTLK Europe DAC and GTLK Europe Capital DAC, two Russian state‑owned leasing firms, seek orders recognising that they, not any Russian entities, have effective control over the companies during the €4.11 billion liquidation. The liquidators, Damien Murran and Julian Moroney of Teneo Restructuring Ireland, were appointed after the firms' examinership application was dismissed. The liquidation, the largest in Irish history, was triggered by sanctions imposed on Russian entities following the Ukraine invasion. The liquidators must obtain permission from the Central Bank of Ireland to carry out transactions involving the firms, and have requested a hearing to secure orders and declarations of control. The court noted that the firms' computer server crashed after the liquidators were appointed, complicating access to books and records. The judge set a timetable for document exchange and adjourned the matter for two weeks, hoping to fix a hearing date.
Who, what, where, when and why
What: Report matter: Liquidators seek orders to show they control Russian firms in €4.1bn liquidation. Procedural stage: hearing_or_decision
When:
- 2023-06-08 Publication
Why: As a result the liquidators, in order to progress the winding up in an efficient manner, have asked the court for fix a hearing of its application for various orders and declarations that formally recognise that the liquidators, and not any Russian entities, have effective control of the companies. CNI source report
Case subjects
Applicant
Outcome: He put a timetable in place for the exchange of legal documents and adjourned the matter for two weeks.
Places mentioned
- High Court
Topics
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