VTB Capital plc (in administration), Re [2024] EWHC 3169 (Ch) (02 December 2024)

Permission to distribute is granted because insolvency set-off and hotchpot principles will maximise benefit to the general estate and creditors, and the administrators' objectives are proper under English insolvency law.

Citation: [2024] EWHC 3169 (Ch)
Parties: Claimant: Stephen Roland Browne; Claimant: David Philip Soden; Company: VTB Capital plc (in administration); Creditor: VTB Bank; Creditor: NCH
Jurisdiction: England and Wales
Judgment Date: 02 December 2024
Procedural Posture: Application in Administration / Judgment on Permission to Distribute
Outcome: permission to distribute granted
Legal Topics: Administration, Distribution of Assets, Insolvency Set Off, Scheme of Arrangement, Hotchpot Principle

Insolvency Company Law Administration Distribution of Assets Insolvency Set Off Scheme of Arrangement Hotchpot Principle

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Parties

Stephen Roland Browne

Claimant

David Philip Soden

Claimant

VTB Capital plc (in administration)

Company

VTB Bank

Creditor

NCH

Creditor

Procedural Posture

Application in Administration / Judgment on Permission to Distribute

Legal Issues

1 Whether administrators should be permitted to distribute assets under paragraph 65(3) of Schedule B1 of the Insolvency Act 1986
2 Effect and timing of insolvency set-off
3 Application of the hotchpot principle in light of enforcement actions by creditors

Ratio Decidendi

Court Disposition

permission to distribute granted

Orders

Permission to distribute assets under paragraph 65(3) of Schedule B1 of the Insolvency Act 1986 granted.
Judgment to remain private until notice of intention to distribute is given.