Liquidators want court to declare they, rather than Russian parent, have control of the companies and their assets
The joint liquidators of two Russian-owned companies are asking the court to declare that they have effective control of the companies and their assets. Photograph: Chris Maddaloni/CollinsThere is an “enormous risk” that assets of two Russian-owed aircraft and ship lessors will be dissipated if liquidators appointed to them have to apply to the Irish Central Bank for sanction derogations on an “asset by asset basis”, the High Court has been told.
The joint liquidators, who were appointed over Dublin-based GTLK Europe Capital DAC and GTLK Europe DAC in May, are asking the court to declare that the liquidators, rather than any Russian entities, have effective control of the companies and their assets. The two companies form part of a group that had assets of about $4.5 billion , making them what are thought to be the largest winding-ups in the history of the Irish State. The Russian parent of the two firms is the subject of international sanctions that have been imposed on Russia since the invasion of Ukraine last year.
James Doherty SC said every step taken by his clients – liquidators Damien Murran and Julian Moroney of Teneo Restructuring Ireland – has required an expenditure of funds, which cannot occur without applying to the Central Bank.
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