VTB Bank PJSC v Firtash [2021] EWHC 1203 (Comm) (14 May 2021)

VTB Bank PJSC v Firtash [2021] EWHC 1203 (Comm) (14 May 2021)

The proposed restriction on the title of 8 Cottage Place is not a viable alternative to the Freezing Order; the evidence does not support discharge of the Freezing Order or release of the French Mortgage; the Defendant has shown a good arguable case for loss caused by the Freezing Order and is entitled to additional fortification of £10 million.

Citation
[2021] EWHC 1203 (Comm)
Parties
Claimant: VTB Bank (PJSC); Defendant: Mr Dmytro Firtash
Jurisdiction
England and Wales
Judgment Date
14 May 2021
Procedural Posture
Commercial Court Freezing Order Application / Interlocutory Application Hearing
Outcome
Application to discharge Freezing Order and replace with restriction refused; application for additional fortification granted.
Legal Topics
Freezing Orders, Asset Protection, Fortification, Delay in Proceedings, Cross Border Enforcement
Civil Procedure Injunctions International Litigation Freezing Orders Asset Protection Fortification Delay in Proceedings Cross Border Enforcement

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Parties

VTB Bank (PJSC)

Claimant

Mr Dmytro Firtash

Defendant

Procedural Posture

Commercial Court Freezing Order Application / Interlocutory Application Hearing

Legal Issues

  1. 1 Whether the Freezing Order should be discharged and replaced with a restriction on the title of 8 Cottage Place
  2. 2 Whether the Claimant is over-secured and should release the French Mortgage
  3. 3 Whether additional fortification should be ordered

Ratio Decidendi

The proposed restriction on the title of 8 Cottage Place is not a viable alternative to the Freezing Order; the evidence does not support discharge of the Freezing Order or release of the French Mortgage; the Defendant has shown a good arguable case for loss caused by the Freezing Order and is entitled to additional fortification of £10 million.

Court Disposition

Application to discharge Freezing Order and replace with restriction refused; application for additional fortification granted.

Orders

  • Freezing Order to remain in force.
  • Claimant to provide further fortification of £10,000,000.