Sova Capital Ltd (Company Number 04621383), Re [2023] EWHC 452 (Ch) (02 March 2023)

Sova Capital Ltd (Company Number 04621383), Re [2023] EWHC 452 (Ch) (02 March 2023)

The court approved the transaction as a proper exercise of the JSAs' powers, finding it does not infringe the pari passu principle, represents the best price reasonably obtainable in the circumstances, is supported by the overwhelming majority of creditors, and is deliverable. The court held that the JSAs acted prudently and did not surrender their discretion.

Citation
[2023] EWHC 452 (Ch)
Parties
Applicant: David Philip Soden; Applicant: Ian Colin Wormleighton; Applicant: Stephen Browne; Company in Special Administration: Sova Capital Limited; Interested Party/respondent: Boris Zilbermints; Interested Party: LLC Holding Company Dominanta
Jurisdiction
England and Wales
Judgment Date
02 March 2023
Procedural Posture
Special Administration Application / Final Hearing on Approval of Asset Transfer Transaction
Outcome
Application granted; court approves the transaction.
Legal Topics
Special Administration, Sanctions, Asset Realisation, Creditor Claims, Pari Passu Principle
Insolvency Company Law Financial Services Special Administration Sanctions Asset Realisation Creditor Claims Pari Passu Principle

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 3 Authorities cited 5 Party arguments 2 Amounts and remedies 8
Sign in to unlock

Parties

David Philip Soden

Applicant

Ian Colin Wormleighton

Applicant

Stephen Browne

Applicant

Sova Capital Limited

Company in Special Administration

Boris Zilbermints

Interested Party/respondent

LLC Holding Company Dominanta

Interested Party

Procedural Posture

Special Administration Application / Final Hearing on Approval of Asset Transfer Transaction

Legal Issues

  1. 1 Whether the proposed transaction infringes the pari passu principle
  2. 2 Whether the transaction is within the powers of the joint special administrators
  3. 3 Whether the transaction represents the best price reasonably obtainable for the Russian securities

Ratio Decidendi

The court approved the transaction as a proper exercise of the JSAs' powers, finding it does not infringe the pari passu principle, represents the best price reasonably obtainable in the circumstances, is supported by the overwhelming majority of creditors, and is deliverable. The court held that the JSAs acted prudently and did not surrender their discretion.

Court Disposition

Application granted; court approves the transaction.

Orders

  • JSAs are at liberty to enter into the Dominanta Transaction and Further Dominanta Transaction as set out in PTA1 and PTA2.
  • JSAs may procure Sova to perform the transactions with Dominanta.