Surplus funds from liquidation of Russian leasing firms ‘highly unlikely’
Liquidators appointed to Russian state-owned transport leasing companies want formal High Court recognition as having control of firms in light of sanctions
It is “highly unlikely” that there will be any surplus funds from the liquidation of two Russian-state-owned leasing companies which once held $4.5 billion in assets, the High Court has heard.
Lawyers for joint liquidators appointed over GTLK Europe Capital DAC and GTLK Europe DAC in May also said the risk of assets being placed out of reach of creditors was increasing with time and therefore there was “considerable urgency” to their court applications.
The liquidators want the High Court to formally recognise them, and not any Russian entity, as having effective control of the firms so they can have more sweeping powers to do their work in light of ongoing sanctions.
