In the matter of Petropavlovsk plc (in administration)

In the matter of Petropavlovsk plc (in administration)

The urgency and necessity of the sale, the absence of opposition, and compliance with statutory requirements justify granting the administrators liberty to proceed with the sale and related actions.

Parties
Applicant: Allister Jonathan Manson; Applicant: Trevor Binyon; Applicant: Joanne Rolls; Company: Petropavlovsk plc (in administration); Purchaser: UMMC-Invest; Interested Party: Office of Financial Sanctions Implementation, HM Treasury
Jurisdiction
England and Wales
Judgment Date
01 August 2022
Procedural Posture
Insolvency Application / Interlocutory Order
Outcome
application granted
Legal Topics
Administration, Sale of Business Assets, Court Directions
Insolvency Law Administration Sale of Business Assets Court Directions

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Parties

Allister Jonathan Manson

Applicant

Trevor Binyon

Applicant

Joanne Rolls

Applicant

Petropavlovsk plc (in administration)

Company

UMMC-Invest

Purchaser

Office of Financial Sanctions Implementation, HM Treasury

Interested Party

Procedural Posture

Insolvency Application / Interlocutory Order

Legal Issues

  1. 1 Whether administrators should be granted liberty to proceed with sale of business assets to UMMC-Invest
  2. 2 Whether administrators can receive cash consideration into UK bank accounts
  3. 3 Treatment of costs as expense in administration

Ratio Decidendi

The urgency and necessity of the sale, the absence of opposition, and compliance with statutory requirements justify granting the administrators liberty to proceed with the sale and related actions.

Court Disposition

application granted

Orders

  • Applicants at liberty to enter into, perform, and procure the company to perform the SPA with UMMC-Invest
  • Applicants at liberty to receive cash consideration payable by UMMC-Invest into insolvency estate bank accounts with any UK commercial bank