Legal

High Court grants first-of-their-kind declarations to liquidators of Russian lessor to quicken wind-up process

Court heard on Monday that sanctions against the Russian state-owned firm made for ‘time consuming and wholly unsuitable’ liquidation process

GTLK, an aircraft and maritime lessor, has been in financial difficulty as a result of international sanctions imposed on Russia following the invasion of Ukraine last year

A High Court judge has granted a series of first-of-their-kind declarations sought by liquidators for two Russian state-owned leasing companies to allow them to do their work in light of ongoing sanctions.

Mr Justice Michael Quinn said he was affirming that presumption of control by the Russian state, which is the ultimate owner of GTLK Europe Capital DAC and GTLK Europe DAC, was rebutted.

He said the assets of the companies are now under the ...