JSC BTA Bank v Ablyazov [2013] EWHC 1361 (Comm) (25 April 2013)

JSC BTA Bank v Ablyazov [2013] EWHC 1361 (Comm) (25 April 2013)

The court has jurisdiction and it is appropriate in this case to vary the receivership order to permit the receivers to sell the properties, given the findings of beneficial ownership, the practical advantages, and the need to satisfy the judgment.

Citation
[2013] EWHC 1361 (Comm)
Parties
Claimant/respondent: JSC BTA Bank; Defendant/applicant: Mukhtar Ablyazov
Jurisdiction
England and Wales
Judgment Date
25 April 2013
Procedural Posture
Application to Vary Receivership Order / Post Judgment, Application for Variation of Receivership Order to Permit Sale of Assets
Outcome
Application granted
Legal Topics
Receivership, Power of Sale, Equitable Execution, Asset Recovery
Civil Procedure Commercial Law Enforcement of Judgments Receivership Power of Sale Equitable Execution Asset Recovery

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Parties

JSC BTA Bank

Claimant/respondent

Mukhtar Ablyazov

Defendant/applicant

Procedural Posture

Application to Vary Receivership Order / Post Judgment, Application for Variation of Receivership Order to Permit Sale of Assets

Legal Issues

  1. 1 Whether the receivership order should be varied to permit the receivers to sell three properties belonging to Mr Ablyazov
  2. 2 Whether the court has jurisdiction to grant a power of sale to the receivers post-judgment

Ratio Decidendi

The court has jurisdiction and it is appropriate in this case to vary the receivership order to permit the receivers to sell the properties, given the findings of beneficial ownership, the practical advantages, and the need to satisfy the judgment.

Court Disposition

Application granted

Orders

  • Receivership order varied to permit receivers to sell Carlton House, Oaklands Park, and Albert's Court, subject to a final charging order.
  • Receivers appointed as receivers and managers of Bensborough Trading Inc.