VTB Bank PJSC v Firtash

VTB Bank PJSC v Firtash

The Defendant's application to discharge the Freezing Order and replace it with a restriction on the title of 8 Cottage Place is refused as the proposed restriction is not viable and would not sufficiently protect the Claimant. The court cannot order removal of the French Mortgage due to lack of evidence that proceeds from Cottage Place would cover the Claimant's claim. The Defendant has shown a good arguable case for loss caused by the Freezing Order, and fortification is increased to £10 million.

Parties
Claimant: VTB Bank (PJSC); Defendant: Mr Dmytro Firtash
Jurisdiction
England and Wales
Judgment Date
14 May 2021
Procedural Posture
Commercial Court Application / Ruling on Defendant's Application to Discharge or Vary Freezing Order
Outcome
Application to discharge Freezing Order and replace with restriction refused; application for additional fortification granted.
Legal Topics
Freezing Orders, Fortification, Asset Protection, Delay in Proceedings, Security for Undertakings
Civil Procedure Injunctions International Litigation Freezing Orders Fortification Asset Protection Delay in Proceedings Security for Undertakings

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Parties

VTB Bank (PJSC)

Claimant

Mr Dmytro Firtash

Defendant

Procedural Posture

Commercial Court Application / Ruling on Defendant's Application to Discharge or Vary Freezing Order

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 should be ordered to procure removal of the French Mortgage
  3. 3 Whether additional fortification of £10,000,000 should be ordered

Ratio Decidendi

The Defendant's application to discharge the Freezing Order and replace it with a restriction on the title of 8 Cottage Place is refused as the proposed restriction is not viable and would not sufficiently protect the Claimant. The court cannot order removal of the French Mortgage due to lack of evidence that proceeds from Cottage Place would cover the Claimant's claim. The Defendant has shown a good arguable case for loss caused by the Freezing Order, and fortification is increased to £10 million.

Court Disposition

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

Orders

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