JSC BTA Bank v Ablyazov & Ors

JSC BTA Bank v Ablyazov & Ors

Security for costs is just in principle for Mr Solodchenko due to claimant's financial instability and enforcement risks; not granted for Mr Ablyazov pending resolution of contempt hearing due to alleged breaches and contempt.

Parties
Claimant/respondent: JSC BTA Bank; Defendant/applicant: Mukhtar Ablyazov; Defendant/applicant: Mr Solodchenko
Jurisdiction
England and Wales
Judgment Date
29 July 2011
Procedural Posture
Application for Security for Costs / Ruling on Application
Outcome
Application granted in part
Legal Topics
Security for Costs, Freezing Orders, Receivership, Contempt of Court
Civil Procedure Security for Costs Freezing Orders Receivership Contempt of Court

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Parties

JSC BTA Bank

Claimant/respondent

Mukhtar Ablyazov

Defendant/applicant

Mr Solodchenko

Defendant/applicant

Procedural Posture

Application for Security for Costs / Ruling on Application

Legal Issues

  1. 1 Whether it is just to order security for costs for defendants given claimant's financial stability and enforcement risks
  2. 2 Whether de facto security exists negating need for formal security
  3. 3 Whether defendant's conduct (contempt, breaches) bars security for costs

Ratio Decidendi

Security for costs is just in principle for Mr Solodchenko due to claimant's financial instability and enforcement risks; not granted for Mr Ablyazov pending resolution of contempt hearing due to alleged breaches and contempt.

Court Disposition

Application granted in part

Orders

  • Order for security for costs in favour of Mr Solodchenko; quantum to be agreed or determined.
  • No order for security for costs in favour of Mr Ablyazov pending contempt hearing.