Summary

This case raises issues that are at the intersection of administrative and insolvency law. As a result, we have heard two sets of somewhat compartmentalised submissions from each of the parties. It was common ground before Mrs Justice Collins Rice (the judge) that she had no need to resolve contested issues of insolvency law. Indeed, she and we are unable to do so because arguments were not addressed to us on the basis that we should. As will appear, this state of affairs has, in some ways, been problematic.

On 24 February 2022, the Bank was designated under the Russia (Sanctions) (EU Exit) Regulations 2019/855 (the Russia Regulations), made under the Sanctions and Anti- Money Laundering Act 2018 (SAMLA). The Bank's designation followed Russia's invasion of Ukraine. It is and was the second largest bank in Russia, and majority owned by the Russian Government.

...