Following the Russian invasion of Ukraine in February 2022, the UK government imposed broader and stricter financial and trade sanctions against Russian nationals and businesses “for the purposes of encouraging Russia to cease actions which destabilise Ukraine, or undermine or threaten the territorial integrity, sovereignty or independence of Ukraine”.
The English court has recently sanctioned a scheme of arrangement in respect of a company incorporated in the Cayman Islands. The court had to consider whether the company concerned had a sufficient connection with this jurisdiction to enable the court to sanction the scheme and consider the impact of the Russian sanctions on certain classes of creditors.
A receiver is an individual (or those acting jointly) appointed by a creditor that holds a charge over the assets of a debtor to take custody of the charged assets, manage those assets and receive the income from them. Usually, a receiver will also have the power to sell the assets and to apply the proceeds of sale in satisfaction of the secured debt.
