PJSC Commercial Bank Privatbank v Kolomoisky & Ors

PJSC Commercial Bank Privatbank v Kolomoisky & Ors

Payments by A Co. to Atrasten and drawdowns from Selantia, as well as payments by Goiania in connection with the aircraft lease, were in the ordinary and proper course of the relevant companies' businesses and permitted under the freezing order. However, payments by or at the direction of the respondent to fund B Co.'s legal fees were not in the ordinary and proper course of the respondent's business and thus not permitted without further agreement or court permission.

Parties
Claimant: PJSC 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 Limited
Jurisdiction
England and Wales
Judgment Date
24 July 2018
Procedural Posture
Civil (freezing Injunction/asset Preservation) / Interlocutory Application for Declarations Regarding Scope of Freezing Order
Outcome
Declarations refused in respect of Selantia/A Co./Atrasten and Goiania/Perkela/Redhill transactions; declaration granted in respect of B Co./Stalmag legal fees payments.
Legal Topics
Freezing Injunctions, Asset Dissipation, Ordinary and Proper Course of Business Exception, Corporate Control, Enforcement of Foreign Claims
Civil Procedure Banking Law Company Law Freezing Injunctions Asset Dissipation Ordinary and Proper Course of Business Exception Corporate Control Enforcement of Foreign Claims

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Parties

PJSC 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 Limited

Eighth Defendant

Procedural Posture

Civil (freezing Injunction/asset Preservation) / Interlocutory Application for Declarations Regarding Scope of Freezing Order

Legal Issues

  1. 1 Whether payments by or at the direction of the respondent or controlled companies required consent or court permission under the freezing order or fell within the 'ordinary and proper course of business' exception
  2. 2 Whether specific transactions by non-trading and trading companies controlled by the respondent are permitted under the terms of the freezing order

Ratio Decidendi

Payments by A Co. to Atrasten and drawdowns from Selantia, as well as payments by Goiania in connection with the aircraft lease, were in the ordinary and proper course of the relevant companies' businesses and permitted under the freezing order. However, payments by or at the direction of the respondent to fund B Co.'s legal fees were not in the ordinary and proper course of the respondent's business and thus not permitted without further agreement or court permission.

Court Disposition

Declarations refused in respect of Selantia/A Co./Atrasten and Goiania/Perkela/Redhill transactions; declaration granted in respect of B Co./Stalmag legal fees payments.

Orders

  • Refused to declare that past and future drawdowns by A Co. of the Selantia loan, interest payments by A Co. to Atrasten, and repayments of the Atrasten loan principal are not permitted under the Order.
  • Refused to declare that past and future payments by Goiania in connection with the aircraft lease are not permitted under the Order.