Evgeny Vasilievich Vesnin v Queeld Ventures Limited & Ors

Evgeny Vasilievich Vesnin v Queeld Ventures Limited & Ors

The Johnson Judgment and Tomlin Order did not create an issue estoppel or bind the court to maintain the undertaking until final determination of beneficial ownership; the court retains discretion to release the undertaking. Q&M, as parties directly affected by the relief sought in the Bankruptcy Application, have standing to oppose recognition of the Russian bankruptcy at common law. Chief ICC Judge Briggs erred in holding otherwise. Appeals against the Morgan Judgment are dismissed; appeals against the Standing Judgment, security for costs, jurisdiction challenge, and costs judgment are allowed and remitted for rehearing.

Parties
Appellant/respondent: Evgeny Vasilievich Vesnin; Respondent/appellant: Queeld Ventures Limited; Respondent/appellant: Mispare Limited; Respondent/appellant: Eurasia Mining PLC; Respondent/appellant: PJSC National Bank Trust
Jurisdiction
England and Wales
Judgment Date
22 July 2025
Procedural Posture
Civil Appeal / Court of Appeal Judgment
Outcome
Mr Vesnin’s appeal against the Morgan Judgment dismissed; Q&M’s appeal against the Standing Judgment, security for costs, jurisdiction challenge, and costs judgment allowed and remitted for rehearing.
Legal Topics
Issue Estoppel, Standing, Recognition of Foreign Bankruptcy, Tomlin Order Construction, Interim Relief, Costs
Insolvency Company Law Civil Procedure Issue Estoppel Standing Recognition of Foreign Bankruptcy Tomlin Order Construction Interim Relief +1 more

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Parties

Evgeny Vasilievich Vesnin

Appellant/respondent

Queeld Ventures Limited

Respondent/appellant

Mispare Limited

Respondent/appellant

Eurasia Mining PLC

Respondent/appellant

PJSC National Bank Trust

Respondent/appellant

Procedural Posture

Civil Appeal / Court of Appeal Judgment

Legal Issues

  1. 1 Whether issue estoppel arises from the Johnson Judgment regarding the Tomlin Order
  2. 2 Proper construction and effect of the Tomlin Order schedule
  3. 3 Standing to oppose recognition of a foreign bankruptcy order at common law

Ratio Decidendi

The Johnson Judgment and Tomlin Order did not create an issue estoppel or bind the court to maintain the undertaking until final determination of beneficial ownership; the court retains discretion to release the undertaking. Q&M, as parties directly affected by the relief sought in the Bankruptcy Application, have standing to oppose recognition of the Russian bankruptcy at common law. Chief ICC Judge Briggs erred in holding otherwise. Appeals against the Morgan Judgment are dismissed; appeals against the Standing Judgment, security for costs, jurisdiction challenge, and costs judgment are allowed and remitted for rehearing.

Court Disposition

Mr Vesnin’s appeal against the Morgan Judgment dismissed; Q&M’s appeal against the Standing Judgment, security for costs, jurisdiction challenge, and costs judgment allowed and remitted for rehearing.

Orders

  • Paragraph 1 of the Bankruptcy Application remitted to the High Court for rehearing with Q&M entitled to appear and object to recognition.
  • Appeals against dismissal of security for costs and costs judgment allowed and remitted.