Lyubov Andreevna Kireeva (as bankruptcy trustee of Georgy Ivanovich Bedzhamov) & Anor v Clement Glory Limited & Ors

Lyubov Andreevna Kireeva (as bankruptcy trustee of Georgy Ivanovich Bedzhamov) & Anor v Clement Glory Limited & Ors

The Trustee failed to establish a serious issue to be tried that the shares in Clement Glory Limited were located within the jurisdiction of England and Wales. The evidence and pleadings did not support the assertion that the share register was in England; the default and only evidenced position was that the register was in the BVI. The recognition order for the Russian bankruptcy trustee only extended to movables within England, and the trust claim over foreign shares sited in the BVI could not be maintained in the English courts. Accordingly, there was no serious issue to be tried, and service out of the jurisdiction was set aside. The ancillary claim against Maxim Golodnitsky also failed.

Parties
Claimant: Lyubov Andreevna Kireeva (as bankruptcy trustee of Georgy Ivanovich Bedzhamov); Claimant: Vneshprombank LLC; Defendant: Clement Glory Limited; Defendant: Edward Golodnitsky; Defendant: Maxim Golodnitsky
Jurisdiction
England and Wales
Judgment Date
04 November 2025
Procedural Posture
Civil (chancery Division, Business List) / Judgment on Jurisdiction Challenge and Summary Judgment/strike Out Applications
Outcome
Claim dismissed; service out of jurisdiction set aside; claim against Maxim Golodnitsky struck out.
Legal Topics
Recognition of Foreign Bankruptcy, Jurisdiction to Serve Out of the Jurisdiction, Situs of Shares, Trust Claims Over Foreign Companies, Section 423 Insolvency Act (defrauding Creditors), Immovables Rule, Common Law Recognition of Foreign Trustees
Insolvency Conflict of Laws Trusts and Equity Civil Procedure Recognition of Foreign Bankruptcy Jurisdiction to Serve Out of the Jurisdiction Situs of Shares Trust Claims Over Foreign Companies +3 more

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Parties

Lyubov Andreevna Kireeva (as bankruptcy trustee of Georgy Ivanovich Bedzhamov)

Claimant

Vneshprombank LLC

Claimant

Clement Glory Limited

Defendant

Edward Golodnitsky

Defendant

Maxim Golodnitsky

Defendant

Procedural Posture

Civil (chancery Division, Business List) / Judgment on Jurisdiction Challenge and Summary Judgment/strike Out Applications

Legal Issues

  1. 1 Whether there is a serious issue to be tried in respect of the trust claim over shares in a BVI company
  2. 2 Whether the English court has jurisdiction to permit service out of the jurisdiction for the trust claim
  3. 3 Whether the situs of shares in a BVI company is in England or the BVI

Ratio Decidendi

The Trustee failed to establish a serious issue to be tried that the shares in Clement Glory Limited were located within the jurisdiction of England and Wales. The evidence and pleadings did not support the assertion that the share register was in England; the default and only evidenced position was that the register was in the BVI. The recognition order for the Russian bankruptcy trustee only extended to movables within England, and the trust claim over foreign shares sited in the BVI could not be maintained in the English courts. Accordingly, there was no serious issue to be tried, and service out of the jurisdiction was set aside. The ancillary claim against Maxim Golodnitsky also failed.

Court Disposition

Claim dismissed; service out of jurisdiction set aside; claim against Maxim Golodnitsky struck out.

Orders

  • Service of the claim form on Clement Glory Limited and Edward Golodnitsky is set aside.
  • The claim against Maxim Golodnitsky is struck out.