JSC Commercial Bank Privatbank v Kolomoisky & Ors [2024] EWHC 3394 (Ch) (04 December 2024)

The Court is not satisfied, on the evidence presented and in the absence of consent by the Bank, that the proposed sale price reflects a proper market value or that the purchaser is sufficiently independent; concerns about the marketing process and lack of independent valuation remain unresolved; permission to sell is refused at this stage.

Citation: [2024] EWHC 3394 (Ch)
Parties: Claimant / Respondent: JSC Commercial Bank PrivatBank; First Defendant / Applicant: Kolomoisky; Defendant: Ors
Jurisdiction: England and Wales
Judgment Date: 04 December 2024
Procedural Posture: Application to Vary Freezing Order / Interlocutory Hearing
Outcome: Application refused
Legal Topics: Variation of Freezing Orders, Asset Disposal, Market Valuation, Independence of Purchaser

Civil Procedure Asset Freezing Commercial Law Variation of Freezing Orders Asset Disposal Market Valuation Independence of Purchaser

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Parties

JSC Commercial Bank PrivatBank

Claimant / Respondent

Kolomoisky

First Defendant / Applicant

Ors

Defendant

Procedural Posture

Application to Vary Freezing Order / Interlocutory Hearing

Legal Issues

1 Whether the Court should permit sale of aircraft subject to freezing order
2 Whether the proposed sale price reflects fair market value
3 Whether the purchaser is independent from the Defendants

Ratio Decidendi

Court Disposition

Application refused

Orders

Permission to sell aircraft not granted
First Defendant may return with proper independent valuation or higher offer