JSC BTA Bank v Ablyazov [2012] EWHC 648 (Comm) (08 March 2012)

JSC BTA Bank v Ablyazov [2012] EWHC 648 (Comm) (08 March 2012)

Given the risk of dissipation of assets, the disappearance of Mr. Ablyazov, and recent attempts to deal with assets in breach of court orders, it is necessary and appropriate to amend the Receivership Order as sought to ensure effective asset preservation and enforcement of the court's orders.

Citation
[2012] EWHC 648 (Comm)
Parties
Claimant/respondent: JSC BTA Bank; Defendant/applicant: Mukhtar Ablyazov
Jurisdiction
England and Wales
Judgment Date
08 March 2012
Procedural Posture
Commercial Court Application to Amend Receivership Order / Hearing and Ruling on Application to Amend Receivership Order
Outcome
Application granted
Legal Topics
Receivership, Freezing Orders, Asset Preservation, Contempt of Court
Civil Procedure Insolvency Asset Recovery Receivership Freezing Orders Asset Preservation Contempt of Court

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Parties

JSC BTA Bank

Claimant/respondent

Mukhtar Ablyazov

Defendant/applicant

Procedural Posture

Commercial Court Application to Amend Receivership Order / Hearing and Ruling on Application to Amend Receivership Order

Legal Issues

  1. 1 Whether to amend the Receivership Order to extend and clarify the powers of the Receivers over assets and companies associated with Mr. Ablyazov
  2. 2 Whether to appoint Receivers as managers over certain companies
  3. 3 Whether to extend the Receivership Order to cover additional properties and correct errors

Ratio Decidendi

Given the risk of dissipation of assets, the disappearance of Mr. Ablyazov, and recent attempts to deal with assets in breach of court orders, it is necessary and appropriate to amend the Receivership Order as sought to ensure effective asset preservation and enforcement of the court's orders.

Court Disposition

Application granted

Orders

  • Receivership Order amended as sought by the claimant, including appointment of Receivers as managers over specified companies, extension of powers to obtain information about disclosed assets, clarification of scope to include all companies in which Mr. Ablyazov has a disclosed interest, extension to cover three UK...
  • Service of the order may be delayed until 22 March 2012.