Appointment by the Jersey court of foreign receivers as managers of a Jersey company - .PDF file.
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…
Click on the link below to read the rest of the Mourant Ozannes briefing.