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Dalemont Limited -v- Alexander Gennadievich Senatorov and Riggels Enterprises Limited Claim No. BVIHC (Com) 149 of 2011

July 2013 Insolvency Winding Up Liquidation

BRITISH VIRGIN ISLANDS

HIGH COURT (COMMERCIAL DIVISION)

RECEIVERS BY WAY OF EQUITABLE EXECUTION-WHETHER PROPOSED TO APPOINT OVER PROPERTY OR OVER MERE POWER - WHETHER JUST AND CONVENIENT TO APPOINT - CPR 51.3 CONSIDERED

Dalemont Limited (Dalemont) a judgment creditor in the amount of approximately US$40 million, by application sought the appointment of receivers over the shares in three BVI companies beneficially belonging to Alexander Gennadievich Senatorov (Mr Senatorov), the judgment debtor. The beneficial interest was not disputed. Counsel for Mr Senatorov sought to argue that the court did not have the jurisdiction to make the order sought because Dalemont was seeking an appointment over a power and not an asset and therefore did not come with the parameters identified in the case of Tasarruf Mevduati Sigorta Fonu -v- Merrill Lynch Bank and Trust Co (Cayman Ltd and others) [2012] 1 WLR 1721 [2011] UKPC 17. The Court preferring the submissions of Counsel for Dalemont found that the subject over which the appointment was sought was the beneficial interests in the shares of the BVI Companies and were plainly assets. The Court then found that the Receivers would be entitled to make what use they could of the rights appurtenant or ancillary to or consequential upon having the beneficial interest in that property.

 

To continue reading full articles in PDF format:
Dalemont Limited -v- Alexander Gennadievich Senatorov and Riggels Enterprises Limited Claim No. BVIHC (Com) 149 of 2011

 

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EDITOR & HEAD OF LITIGATION BERMUDA

Christian R. Luthi
Tel: +1 441 298 7814
Email: christian.luthi@conyersdill.com


Head of Litigation British virgin islands

Mark J. Forte
Tel: +1 284 852 1113
Email: mark.forte@conyersdill.com


Head of Litigation Cayman Islands

Paul Smith
Tel: +1 345 814 7777
Email: paul.smith@conyersdill.com


HEAD OF THE ASIA DISPUTES & RESTRUCTURING GROUP

Nigel K. Meeson, QC
Tel: +852 2842 9553
Email: nigel.meeson@conyersdill.com

Offshore Cases

Dalemont Limited -v- Alexander Gennadievich Senatorov and Riggels Enterprises Limited Claim No. BVIHC (Com) 149 of 2011

17 July 2013

BRITISH VIRGIN ISLANDS

HIGH COURT (COMMERCIAL DIVISION)

RECEIVERS BY WAY OF EQUITABLE EXECUTION-WHETHER PROPOSED TO APPOINT OVER PROPERTY OR OVER MERE POWER - WHETHER JUST AND CONVENIENT TO APPOINT - CPR 51.3 CONSIDERED

Dalemont Limited (Dalemont) a judgment creditor in the amount of approximately US$40 million, by application sought the appointment of receivers over the shares in three BVI companies beneficially belonging to Alexander Gennadievich Senatorov (Mr Senatorov), the judgment debtor. The beneficial interest was not disputed. Counsel for Mr Senatorov sought to argue that the court did not have the jurisdiction to make the order sought because Dalemont was seeking an appointment over a power and not an asset and therefore did not come with the parameters identified in the case of Tasarruf Mevduati Sigorta Fonu -v- Merrill Lynch Bank and Trust Co (Cayman Ltd and others) [2012] 1 WLR 1721 [2011] UKPC 17. The Court preferring the submissions of Counsel for Dalemont found that the subject over which the appointment was sought was the beneficial interests in the shares of the BVI Companies and were plainly assets. The Court then found that the Receivers would be entitled to make what use they could of the rights appurtenant or ancillary to or consequential upon having the beneficial interest in that property.

 

To continue reading full articles in PDF format:
Dalemont Limited -v- Alexander Gennadievich Senatorov and Riggels Enterprises Limited Claim No. BVIHC (Com) 149 of 2011

 

 

EDITOR & HEAD OF LITIGATION BERMUDA

Christian R. Luthi
Tel.: +1 441 298 7814
Email.: christian.luthi@conyersdill.com


Head of Litigation British virgin islands

Mark J. Forte
Tel.: +1 284 852 1113
Email.: mark.forte@conyersdill.com


Head of Litigation Cayman Islands

Paul Smith
Tel.: +1 345 814 7777
Email.: paul.smith@conyersdill.com


HEAD OF THE ASIA DISPUTES & RESTRUCTURING GROUP

Nigel K. Meeson, Q.C.
Tel.: +852 2842 9553
Email.: nigel.meeson@conyersdill.com