VTB Capital plc (in administration), Re

VTB Capital plc (in administration), Re

Permission to distribute is granted because it will enable insolvency set-off and the pari passu principle, maximising returns to creditors as a whole and protecting the estate from prejudicial enforcement and restructuring actions in Russia.

Parties
Applicant: Stephen Roland Browne; Applicant: David Philip Soden; Company: VTB Capital PLC (in administration); Creditor: VTB Bank; Creditor: NCH
Jurisdiction
England and Wales
Judgment Date
12 September 2024
Procedural Posture
Insolvency Application / Application for Permission to Distribute by Administrators
Outcome
permission granted
Legal Topics
Administration, Insolvency Set Off, Pari Passu Distribution, Scheme of Arrangement, Hotchpot Principle
Insolvency Law Company Law Administration Insolvency Set Off Pari Passu Distribution Scheme of Arrangement Hotchpot Principle

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Parties

Stephen Roland Browne

Applicant

David Philip Soden

Applicant

VTB Capital PLC (in administration)

Company

VTB Bank

Creditor

NCH

Creditor

Procedural Posture

Insolvency Application / Application for Permission to Distribute by Administrators

Legal Issues

  1. 1 Whether to grant administrators permission to distribute under paragraph 65(3) of Schedule B1 of the Insolvency Act
  2. 2 Whether insolvency set-off and pari passu principles should apply in the current circumstances
  3. 3 Whether the administrators' objectives and timing are proper

Ratio Decidendi

Permission to distribute is granted because it will enable insolvency set-off and the pari passu principle, maximising returns to creditors as a whole and protecting the estate from prejudicial enforcement and restructuring actions in Russia.

Court Disposition

permission granted

Orders

  • Permission granted to administrators to distribute under paragraph 65(3) of Schedule B1 of the Insolvency Act.
  • Judgment to remain private until notice of intention to distribute is given.