JSC Commercial Bank Privatbank v Kolomoisky & Ors

JSC Commercial Bank Privatbank v Kolomoisky & Ors

The court refused to grant permission for the sale of the aircraft at this stage due to unresolved concerns about the independence of the purchaser, the adequacy and independence of the valuation and marketing process, and the significant reduction in value from previous valuations. The evidence did not sufficiently demonstrate that the transaction was at a proper market value or that the purchaser was independent. The application could be reconsidered if a proper independent valuation or higher offer is produced.

Parties
Claimant/respondent: JSC Commercial Bank PrivatBank; First Defendant/applicant: Kolomoisky; Defendants: Ors
Jurisdiction
England and Wales
Judgment Date
28 January 2025
Procedural Posture
Commercial / Interlocutory Application for Variation of Freezing Order
Outcome
Application refused at this stage
Legal Topics
Freezing Orders, Asset Disposal, Interlocutory Relief, Valuation of Assets
Civil Procedure Commercial Law Freezing Orders Asset Disposal Interlocutory Relief Valuation of Assets

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Parties

JSC Commercial Bank PrivatBank

Claimant/respondent

Kolomoisky

First Defendant/applicant

Ors

Defendants

Procedural Posture

Commercial / Interlocutory Application for Variation of Freezing Order

Legal Issues

  1. 1 Whether the court should permit the sale of aircraft subject to a freezing order
  2. 2 Whether the proposed sale price reflects true market value
  3. 3 Whether the marketing and valuation process was sufficiently independent and robust

Ratio Decidendi

The court refused to grant permission for the sale of the aircraft at this stage due to unresolved concerns about the independence of the purchaser, the adequacy and independence of the valuation and marketing process, and the significant reduction in value from previous valuations. The evidence did not sufficiently demonstrate that the transaction was at a proper market value or that the purchaser was independent. The application could be reconsidered if a proper independent valuation or higher offer is produced.

Court Disposition

Application refused at this stage

Orders

  • Permission to sell the aircraft is not granted at this stage
  • Liberty to apply if further evidence (independent valuation or higher offer) is produced