JSC BTA Bank v Ablyazov

JSC BTA Bank v Ablyazov

The court has jurisdiction and it is appropriate to vary the receivership order to permit the receivers to sell the three properties, as the receivers are best placed to effect the sale, the properties are beneficially owned by Mr Ablyazov, and a flexible approach to equitable execution is justified to prevent dissipation and facilitate satisfaction of the judgment.

Parties
Claimant/respondent: JSC BTA Bank; Defendant/applicant: Mukhtar Ablyazov; Interested Party: Receivers
Jurisdiction
England and Wales
Judgment Date
25 April 2013
Procedural Posture
Commercial / Application to Vary Receivership Order
Outcome
application granted
Legal Topics
Receivership, Powers of Sale, Equitable Execution, Variation of Court Orders
Civil Procedure Commercial Law Enforcement of Judgments Receivership Powers of Sale Equitable Execution Variation of Court Orders

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Parties

JSC BTA Bank

Claimant/respondent

Mukhtar Ablyazov

Defendant/applicant

Receivers

Interested Party

Procedural Posture

Commercial / Application to Vary Receivership Order

Legal Issues

  1. 1 Whether the receivership order should be varied to permit the receivers to sell three properties belonging to Mr Ablyazov
  2. 2 Whether the court has jurisdiction to grant a power of sale to the receivers post-judgment
  3. 3 Whether the circumstances justify a flexible approach to equitable execution

Ratio Decidendi

The court has jurisdiction and it is appropriate to vary the receivership order to permit the receivers to sell the three properties, as the receivers are best placed to effect the sale, the properties are beneficially owned by Mr Ablyazov, and a flexible approach to equitable execution is justified to prevent dissipation and facilitate satisfaction of the judgment.

Court Disposition

application granted

Orders

  • Receivership order varied to permit receivers to sell Carlton House, Oaklands Park, and Albert's Court.
  • Receivers appointed as receivers and managers of Bensborough Trading Inc.