Appointment by the Jersey Court of foreign receivers as managers of a Jersey company
This briefing concerns the latest judgment in the Ablyazov matter following a third application brought by English court-appointed receivers, in which the Jersey Royal Court held that it had jurisdiction to appoint the receivers (whose appointment had been recognised by the Jersey court in an earlier judgment) as managers of a Jersey company.
Furthermore, upon their appointment the powers of the Jersey resident directors of that company were suspended, thereby allowing the receivers to properly gain control of the company’s affairs without interference from the directors.
In August 2009, proceedings were commenced against Mr Ablyazov in the English High Court. The proceedings were brought by JSC BTA Bank, which is incorporated in Kazakhstan. The claim was in excess of $1.8bn (£1.1bn), but could eventually exceed $4bn. On 6 August 2009, an order was made in the High Court (the receivership order) appointing the receivers in respect of certain assets of Mr Ablyazov. The receivership order was later extended on two occasions…
If you are registered and logged in to the site, click on the link below to read the rest of the Mourant Ozannes briefing. If not, please register or sign in with your details below.
News from Mourant Ozannes
Briefings from Mourant Ozannes
What is the role of the Royal Court of Jersey in trustee applications for directions regarding disclosure of trust information?
A recent application has raised the issue of the function of the court, namely whether the court was exercising its own discretion in supervising, and intervening, in the administration of a trust.
Royal Court clarifies limits of customary law exception in respect of time-barred breach-of-trust claims brought by incoming trustee
Where a newly incorporated PTC recently appointed as successor trustee seeks to bring claims for breach of trust against predecessors, it will not be able to benefit from empêchement d’agir.