Courts / Dublin / Report
Russian state-owned firm's appeal over largest liquidation in Irish history 'clearest abuse of process', court finds
Summary
In a High Court ruling, liquidators of the Irish‑registered aircraft leasing firms GTLK Europe DAC and GTLK Europe Capital DAC were granted declarations that the parent Russian state‑owned company, Joint Stock Company State Transport Leasing Company, had no legal right to claim ownership of the aircraft through alleged pledge agreements. The liquidators argued the agreements were void, unenforced, and unregistered, and were made during a period of chaos following sanctions on Russian entities. The High Court found the liquidators entitled to the declarations and that the parent's claim was flawed. The parent company appealed to the Court of Appeal, but the appeal was dismissed as an abuse of process because the parent had not appeared in the High Court proceedings. The Court of Appeal ordered costs in favour of the liquidators. The case concerns aircraft worth an estimated US$2 billion and the liquidation of the firms, described as the largest in Irish history.
Who, what, where, when and why
What: Report matter: Russian state-owned firm's appeal over largest liquidation in Irish history 'clearest abuse of process', court finds. Procedural stage: appeal
When:
- March 2022 Other
- 2024-06-26 Publication
Why: However, the matter was appealed by the parent company to the Court of Appeal, which in a preliminary ruling found that the parent company did not have the right to appeal the High Court's decision because it had not appeared when the matter was before Mr Justice Mulcahy. CNI source report
Places mentioned
- Court of Appeal
- High Court
- Irish High Court
- The High Court
Topics
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