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You are here: BAILII >> Databases >> England and Wales High Court (Commercial Court) Decisions >> JSC BTA Bank v Ablyazov [2012] EWHC 648 (Comm) (08 March 2012) URL: http://www.bailii.org/ew/cases/EWHC/Comm/2012/648.html Cite as: [2012] EWHC 648 (Comm) |
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QUEENS BENCH DIVISION
COMMERCIAL COURT
Fetter Lane London EC4 |
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B e f o r e :
BETWEEN:
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JSC BTA BANK |
Claimant/Respondent |
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-v- |
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MUKHTAR ABLYAZOV |
Defendant/Applicant |
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Crown Copyright ©
MR JUSTICE HAMBLEN:
"a. To appoint the Receivers as 'receivers and managers' over certain companies within Schedule 3 to the Receivership Order. Such an appointment will extinguish the powers vested in the current directors (Messrs Batyrgareyev and Kythreotis) to administer these companies and their assets.
"b. To amend paragraphs 12B and 12C of the Receivership Order so that the Receivers can use the powers granted under those paragraphs to obtain information about the assets which Mr. Ablyazov has disclosed.
"c. To list in Schedule 3 to the Receivership Order each company of which Mr. Ablyazov has admitted ownership, in order to make it clear that the Receivers' powers extend to the same.
"d. To amend paragraph 2 of Schedule 4 to the Receivership Order, to make it clear that the Receivers are only prevented by that paragraph from carrying on the business of certain CIS-based operating companies.
"e. To bring within the scope of the receivership the three UK properties which Mr. Justice Teare has found, to the criminal standard, belong to Mr. Ablyazov.
"f. To correct a small number of minor errors in Schedules 3A to 3C of the Receivership Order, and to add additional persons and entities to Schedule 5 to the Receivership Order."
"The High Court may by order (whether interlocutory or final) grant an injunction or appoint a receiver in all cases in which it appears to the court to be just and convenient to do so."
"Where a receiver is required for the purposes not only of receiving rents and profits, or of getting in outstanding property, but also of carrying on or superintending a trade, business or undertaking, he is called a manager, or more usually a receiver and manager."
"This appointment of a receiver and manager over the assets and business of a company does not dissolve or annihilate the company, any more than the taking a possession by the mortgagee of the fee of land let to tenants annihilates the mortgagor. Both continue to exist; but it entirely supersedes the company in the conduct of its business, deprives it of all power to enter into contracts in relation to that business, or to sell, pledge, or otherwise dispose of the property put into the possession, or under the control of the receiver and manager. Its powers in these respects are entirely in abeyance."
"Any Receivership assets held by or through any such companies will be vulnerable to dissipation or removal from the Receivership."
"The Bank anticipates that, as on the initial application for receivership, Mr. Ablyazov may argue that providing the receivers with these extra powers risks causing loss to his businesses. The Bank does not, however, consider that this is a point with any merit, mainly because the receivers are not seeking to become appointed as managers of any operating companies and are not seeking to run the businesses of any operating companies themselves. Rather, the receivers are simply seeking to be appointed as managers of the offshore holding companies to ensure that they are better able to prevent assets being dealt with in breach of the Freezing Order."
MR SMITH: My Lord, we're very much obliged. We will agree a revised form of the Order and attached Receivership Order with my learned friend and submit it to your Lordship for --
MR JUSTICE HAMBLEN: Yes, if you would, thank you very much.
If you want a transcript of my ruling, can you just make sure the transcribers have the bundles and the documents which I have referred to.
MR SMITH: Yes, of course.
MR JUSTICE HAMBLEN: All right, thank you very much.