JSC BTA Bank v Usarel Investments Ltd [2013] EWHC 1780 (Ch) (24 June 2013)

JSC BTA Bank v Usarel Investments Ltd [2013] EWHC 1780 (Ch) (24 June 2013)

The 2012 Order appointing Mr Rubin as litigation receiver did not confer power to conduct an appeal or bring contribution proceedings on behalf of Usarel; such powers cannot be implied or extended by construction. The appointment of new directors by the A&M Receivers and Managers removes the need for an extension of the receiver's powers. The application for extension is refused.

Citation
[2013] EWHC 1780 (Ch)
Parties
Claimant/respondent: JSC BTA Bank; Defendant/applicant: Usarel Investments Limited (by its litigation receiver David Rubin)
Jurisdiction
England and Wales
Judgment Date
24 June 2013
Procedural Posture
Application for Directions/extension of Receiver's Powers in Ongoing Commercial Litigation / Post Judgment, Application Following Trial and Orders in Main Action
Outcome
Application refused
Legal Topics
Powers of Litigation Receivers, Interpretation of Court Orders, Appeals Procedure, Appointment and Powers of Receivers and Managers, Standing to Appeal
Civil Procedure Company Law Insolvency Equity Powers of Litigation Receivers Interpretation of Court Orders Appeals Procedure Appointment and Powers of Receivers and Managers +1 more

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Parties

JSC BTA Bank

Claimant/respondent

Usarel Investments Limited (by its litigation receiver David Rubin)

Defendant/applicant

Procedural Posture

Application for Directions/extension of Receiver's Powers in Ongoing Commercial Litigation / Post Judgment, Application Following Trial and Orders in Main Action

Legal Issues

  1. 1 Whether the litigation receiver (Mr Rubin) has power to conduct an appeal or bring contribution proceedings on behalf of Usarel under the 2012 Order
  2. 2 Whether the court should extend the receiver's powers to cover appeals or contribution proceedings
  3. 3 Whether the appointment of new directors by the A&M Receivers and Managers affects the need for an extension of the receiver's powers

Ratio Decidendi

The 2012 Order appointing Mr Rubin as litigation receiver did not confer power to conduct an appeal or bring contribution proceedings on behalf of Usarel; such powers cannot be implied or extended by construction. The appointment of new directors by the A&M Receivers and Managers removes the need for an extension of the receiver's powers. The application for extension is refused.

Court Disposition

Application refused

Orders

  • Mr Rubin has no power to pursue an appeal or bring contribution proceedings under the 2012 Order.
  • Application to extend Mr Rubin's powers is refused.