High Court bid to wind up Russian owned leasing companies adjourned to the end of May

THE HIGH COURT has agreed to adjourn a hearing to wind up two Russian State-owned aircraft and shipping leasing firms worth over €4.11 billion to the end of the month.

Justice Brian O’Moore had fixed the hearing of the petition to wind up the companies to next week, and the matter was expected to last for two days. Given the urgency of the matter and the size and scale of the businesses sought to be liquidated, the judge said he was not prepared to put the matter back any further than the end of the month.

The other two creditors seeking the winding up orders are Ben Oldman Special Situations Fund LP and Sona Credit Master Fund Limited which are both registered in the Cayman Islands.The creditors claim that the economic sanctions imposed on Russia following the invasion of Ukraine in February 2022 have had “a devastating effect” on the GTLK Europe Group.

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