Public Joint Stock Company Vseukrainskyi Aktsionernyi Bank v Maksimov & Ors (Rev 1)

Public Joint Stock Company Vseukrainskyi Aktsionernyi Bank v Maksimov & Ors (Rev 1)

Mr Maksimov was found in contempt for failing to provide asset disclosure and an affidavit verifying that disclosure in accordance with the Cooke Order for nearly a year, despite knowing his obligations and receiving unequivocal advice to comply. He was also found in contempt for knowingly assisting or permitting corporate respondents to breach the Field Order by failing to take reasonable steps as director to ensure asset disclosure. Other grounds of contempt were not proved to the criminal standard.

Parties
Claimant: Public Joint Stock Company Vseukrainskyi Aktsionernyi Bank; First Defendant: Sergey Maksimov; 22nd Defendant: United Overseas Sales Corporation; 6th Defendant: Bauman Trade LLC; 26th Defendant: Davidson Distribution Ltd; 9th Defendant: Kyivrichport PJSC; 15th Defendant: Dyrect Investment LLC; 20th Defendant: Citilink Distribution Ltd; 23rd Defendant: Inmodal Company Ltd; 25th Defendant: Cascade Ventures Ltd
Jurisdiction
England and Wales
Judgment Date
17 November 2014
Procedural Posture
Committal Application for Contempt of Court / Judgment on Liability, Pending Sanction and Costs
Outcome
Contempt of court established on admitted ground (failure to disclose assets) and on ground of knowingly assisting or permitting breach by corporate respondents; all other grounds not proved.
Legal Topics
Contempt of Court, Freezing Orders, Asset Disclosure, Director Duties, Chabra Jurisdiction
Civil Procedure Arbitration Banking Law Contempt of Court Freezing Orders Asset Disclosure Director Duties Chabra Jurisdiction

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Parties

Public Joint Stock Company Vseukrainskyi Aktsionernyi Bank

Claimant

Sergey Maksimov

First Defendant

United Overseas Sales Corporation

22nd Defendant

Bauman Trade LLC

6th Defendant

Davidson Distribution Ltd

26th Defendant

Kyivrichport PJSC

9th Defendant

Dyrect Investment LLC

15th Defendant

Citilink Distribution Ltd

20th Defendant

Inmodal Company Ltd

23rd Defendant

Cascade Ventures Ltd

25th Defendant

Procedural Posture

Committal Application for Contempt of Court / Judgment on Liability, Pending Sanction and Costs

Legal Issues

  1. 1 Whether Mr Maksimov breached asset disclosure obligations under freezing orders
  2. 2 Whether Mr Maksimov caused or procured companies to breach freezing orders
  3. 3 Whether Mr Maksimov knowingly assisted or permitted breaches by corporate respondents

Ratio Decidendi

Mr Maksimov was found in contempt for failing to provide asset disclosure and an affidavit verifying that disclosure in accordance with the Cooke Order for nearly a year, despite knowing his obligations and receiving unequivocal advice to comply. He was also found in contempt for knowingly assisting or permitting corporate respondents to breach the Field Order by failing to take reasonable steps as director to ensure asset disclosure. Other grounds of contempt were not proved to the criminal standard.

Court Disposition

Contempt of court established on admitted ground (failure to disclose assets) and on ground of knowingly assisting or permitting breach by corporate respondents; all other grounds not proved.

Orders

  • Sanction and costs to be determined after further hearing.