National Bank Trust v Yurov & Ors

National Bank Trust v Yurov & Ors

Mr Belyaev failed to discharge the burden of persuasion that no other assets are available to fund legal or living expenses, given evidence of undisclosed assets and alternative funding. The interests of justice and policy favour enforcement, and there is no justification for varying the WFO or granting a stay of execution. The application to discharge the WFO as regards Mrs Belyaeva is refused as the court already determined the beneficial ownership and enforcement entitlement.

Parties
Claimant: National Bank Trust; Defendant: Ilya Yurov; Defendant: Sergey Belyaev; Defendant: Nikolay Fetisov; Defendant: Nataliya Yurova; Defendant: Irina Belyaeva; Defendant: Elena Pischulina
Jurisdiction
England and Wales
Judgment Date
03 February 2021
Procedural Posture
Commercial / Post Judgment Application to Vary Worldwide Freezing Order and Stay Execution
Outcome
Application dismissed
Legal Topics
Worldwide Freezing Order, Enforcement of Judgments, Fraud, Asset Disclosure, Stay of Execution
Civil Procedure Commercial Law Worldwide Freezing Order Enforcement of Judgments Fraud Asset Disclosure Stay of Execution

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Parties

National Bank Trust

Claimant

Ilya Yurov

Defendant

Sergey Belyaev

Defendant

Nikolay Fetisov

Defendant

Nataliya Yurova

Defendant

Irina Belyaeva

Defendant

Elena Pischulina

Defendant

Procedural Posture

Commercial / Post Judgment Application to Vary Worldwide Freezing Order and Stay Execution

Legal Issues

  1. 1 Whether Mr Belyaev should be permitted to vary the worldwide freezing order to allow legal expenses and sale of frozen assets
  2. 2 Whether a stay of execution of the judgment should be granted
  3. 3 Whether the WFO should be discharged as regards Mrs Belyaeva

Ratio Decidendi

Mr Belyaev failed to discharge the burden of persuasion that no other assets are available to fund legal or living expenses, given evidence of undisclosed assets and alternative funding. The interests of justice and policy favour enforcement, and there is no justification for varying the WFO or granting a stay of execution. The application to discharge the WFO as regards Mrs Belyaeva is refused as the court already determined the beneficial ownership and enforcement entitlement.

Court Disposition

Application dismissed

Orders

  • Application to vary the WFO for legal expenses and permission to sell frozen assets is dismissed.
  • Application for a stay of execution of the judgment is dismissed.