On 23 January 2025, Chief ICC Judge Briggs, sitting as Deputy Judge of the High Court, handed down judgment in <span class="news-text_italic-underline">Vesnin v Queeld Ventures Limited & Another [2025] EWHC 104 (Ch)</span>.
The trustee was appointed by the Russian Bankruptcy Court on 24 June 2022. Belgravia Law represented the trustee in applying to the English High Court for recognition at common law of the foreign bankruptcy and the trustee's appointment. Two offshore companies were named as respondents in relation to assistance.
Chief ICC Judge Briggs ruled that the Respondents had no standing to oppose recognition. The Judge developed the law in this area by confirming only parties with a "tangible economic interest in the bankruptcy and acting in the same capacity as that which gives rise to the tangible economic interest" may oppose common law recognition.
As the Judge found the foreign bankruptcy was not barred on grounds of fraud, breach of natural justice or public policy, he made an order recognising the bankruptcy and trustee's appointment. The Judge provided assistance to the trustee to enable him to fully participate in parallel High Court proceedings concerning the disputed ownership of replacement share certificates in an English AIM-listed company.
Our team consisted of Richard Beckwith (Of Counsel), Viktor Rykov (Senior Solicitor) and Aleks Sekulic (Paralegal), alongside the exceptional counsel team of Stephen Davies KC (Enterprise Chambers) and Lionel Nichols (4 New Square).
The judgment can be read here: <a href="https://www.bailii.org/ew/cases/EWHC/Ch/2025/104.html" target="_blank" class="news-text_link">https://www.bailii.org/ew/cases/EWHC/Ch/2025/104.html</a>
Belgravia Law will be representing the trustee in the parallel proceedings before the Court of Appeal in April 2025.
