JSC BTA Bank v Ablyazov

JSC BTA Bank v Ablyazov

The amendments to the Receivership Order are necessary to preserve assets, prevent dissipation, and ensure the effectiveness of the Receivership in light of Mr. Ablyazov's disappearance and recent attempts to deal with assets in breach of court orders. The court is satisfied that the amendments are justified and should be granted.

Parties
Claimant/respondent: JSC BTA Bank; Defendant/applicant: Mukhtar Ablyazov
Jurisdiction
England and Wales
Judgment Date
08 March 2012
Procedural Posture
Civil Commercial / Application to Amend Receivership Order
Outcome
Application granted
Legal Topics
Receivership, Asset Preservation, Freezing Orders, Contempt of Court
Civil Procedure Commercial Law Receivership Asset Preservation Freezing Orders Contempt of Court

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Parties

JSC BTA Bank

Claimant/respondent

Mukhtar Ablyazov

Defendant/applicant

Procedural Posture

Civil Commercial / Application to Amend Receivership Order

Legal Issues

  1. 1 Whether to amend the Receivership Order to extend powers of Receivers and Managers over certain companies and assets
  2. 2 Whether to add further companies and properties to the Receivership Order
  3. 3 Whether to allow the Receivers to obtain additional information about disclosed assets

Ratio Decidendi

The amendments to the Receivership Order are necessary to preserve assets, prevent dissipation, and ensure the effectiveness of the Receivership in light of Mr. Ablyazov's disappearance and recent attempts to deal with assets in breach of court orders. The court is satisfied that the amendments are justified and should be granted.

Court Disposition

Application granted

Orders

  • Amendments to the Receivership Order as discussed are granted
  • Receivers appointed as managers over specified companies