JSC COMMERCIAL BANK PRIVATBANK v IGOR VALERYEVICH KOLOMOISKY & Ors

JSC COMMERCIAL BANK PRIVATBANK v IGOR VALERYEVICH KOLOMOISKY & Ors

Given the precarious nature of the KZhRK receivable, the lack of commercially sound explanation for the defendant's inaction, and the real risk to the asset's preservation, it is just and convenient to grant mandatory ancillary relief requiring the first defendant to take reasonable steps to realise and secure the asset, provide information, and cooperate in its preservation for enforcement purposes.

Parties
Claimant: JSC Commercial Bank PrivatBank; First Defendant: Igor Valeryevich Kolomoisky; Second Defendant: Gennadiy Borisovich Bogolyubov; Third Defendant: Teamtrend Limited; Fourth Defendant: Trade Point Agro Limited; Fifth Defendant: Collyer Limited; Sixth Defendant: Rossyn Investing Corp; Seventh Defendant: Milbert Ventures Inc; Eighth Defendant: ZAO Ukrtransitservice Ltd
Jurisdiction
England and Wales
Judgment Date
14 June 2022
Procedural Posture
Commercial Fraud Claim With Ancillary Freezing Order Application / Interlocutory Application for Ancillary Relief to Freezing Order
Outcome
Application granted in substantial part
Legal Topics
Freezing Injunctions, Asset Preservation, Fraud, Ancillary Relief, Mandatory Orders
Civil Procedure Commercial Law Banking Law Freezing Injunctions Asset Preservation Fraud Ancillary Relief Mandatory Orders

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Parties

JSC Commercial Bank PrivatBank

Claimant

Igor Valeryevich Kolomoisky

First Defendant

Gennadiy Borisovich Bogolyubov

Second Defendant

Teamtrend Limited

Third Defendant

Trade Point Agro Limited

Fourth Defendant

Collyer Limited

Fifth Defendant

Rossyn Investing Corp

Sixth Defendant

Milbert Ventures Inc

Seventh Defendant

ZAO Ukrtransitservice Ltd

Eighth Defendant

Procedural Posture

Commercial Fraud Claim With Ancillary Freezing Order Application / Interlocutory Application for Ancillary Relief to Freezing Order

Legal Issues

  1. 1 Whether the court should grant mandatory ancillary relief to preserve the value of the KZhRK receivable under the freezing order
  2. 2 Whether the first defendant should be compelled to take positive steps to realise or secure the asset

Ratio Decidendi

Given the precarious nature of the KZhRK receivable, the lack of commercially sound explanation for the defendant's inaction, and the real risk to the asset's preservation, it is just and convenient to grant mandatory ancillary relief requiring the first defendant to take reasonable steps to realise and secure the asset, provide information, and cooperate in its preservation for enforcement purposes.

Court Disposition

Application granted in substantial part

Orders

  • First defendant to make a written demand on Mr Voevodin for payment of dividends already declared under the KZhRK agreement within 14 days.
  • First defendant to provide up-to-date contact details for Mr Voevodin to the claimant within 14 days.