VTB Capital Plc, Re

VTB Capital Plc, Re

The administration is in distribution mode, and extension is necessary to achieve the statutory purpose and best interests of creditors. Administration is preferable to liquidation due to complexity, potential surplus, and statutory interest implications. Regularisation of reporting under the Insolvency Rules 2016 is justified as it benefits creditors and causes no prejudice.

Parties
Applicant: VTB Capital Plc; Administrator: Stephen Browne; Administrator: David Soden
Jurisdiction
England and Wales
Judgment Date
11 August 2024
Procedural Posture
Insolvency Administration / Application for Extension and Reporting Regularisation
Outcome
applications granted
Legal Topics
Administration Extension, Scheme of Arrangement, Creditor Distribution, Sanctions Compliance, Progress Reporting
Insolvency Company Law Sanctions Administration Extension Scheme of Arrangement Creditor Distribution Sanctions Compliance Progress Reporting

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Parties

VTB Capital Plc

Applicant

Stephen Browne

Administrator

David Soden

Administrator

Procedural Posture

Insolvency Administration / Application for Extension and Reporting Regularisation

Legal Issues

  1. 1 Whether to grant a five-year extension of administration
  2. 2 Whether to regularise reporting under Insolvency Rules 2016 instead of CIRWR

Ratio Decidendi

The administration is in distribution mode, and extension is necessary to achieve the statutory purpose and best interests of creditors. Administration is preferable to liquidation due to complexity, potential surplus, and statutory interest implications. Regularisation of reporting under the Insolvency Rules 2016 is justified as it benefits creditors and causes no prejudice.

Court Disposition

applications granted

Orders

  • Administration extended to 5 December 2029.
  • Administrators directed to report progress under Insolvency Rules 2016 pursuant to CIRWR Regulation 16(3).