VTB Capital Plc, re [2024] EWHC 2612 (Ch) (10 October 2024)

VTB Capital Plc, re [2024] EWHC 2612 (Ch) (10 October 2024)

Given the administration is in distribution mode, the complexity and value of the estate, ongoing asset realisations, and the absence of prejudice to creditors, it is appropriate to grant a five-year extension and regularise reporting under the Insolvency Rules 2016.

Source-derived case information.

Citation
[2024] EWHC 2612 (Ch)
Parties
Applicant: VTB Capital Plc (in administration); Applicant: Stephen Browne and David Soden (Administrators)
Jurisdiction
England and Wales
Judgment Date
10 October 2024
Procedural Posture
Insolvency Application / Application for Extension of Administration and Regularisation of Reporting
Outcome
applications granted
Legal Topics
Administration Extension, Scheme of Arrangement, Sanctions Compliance, Creditor Distribution, Progress Reporting
Insolvency Law Company Law Banking Law Administration Extension Scheme of Arrangement Sanctions Compliance Creditor Distribution Progress Reporting

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Parties

VTB Capital Plc (in administration)

Applicant

Stephen Browne and David Soden (Administrators)

Applicant

Procedural Posture

Insolvency Application / Application for Extension of Administration and Regularisation of Reporting

Legal Issues

  1. 1 Whether to grant a five-year extension of the administration of VTB Capital Plc
  2. 2 Whether to regularise the Administrators' reporting under the Insolvency Rules 2016 instead of the CIRWR 2004

Ratio Decidendi

Given the administration is in distribution mode, the complexity and value of the estate, ongoing asset realisations, and the absence of prejudice to creditors, it is appropriate to grant a five-year extension and regularise reporting under the Insolvency Rules 2016.

Court Disposition

applications granted

Orders

  • Administration of VTB Capital Plc extended to 5 December 2029.
  • Administrators' reporting regularised under Insolvency Rules 2016 pursuant to CIRWR Regulation 16(3).