Two Russian state-owned Ireland-registered lessors of aircraft and ships with an estimated worth of over USD4.5 billion are opposing a Dublin High Court application to have them wound up, reports The Independent newspaper.
Last month lawyers acting for four creditors of the companies asked Dublin High Court judge Brian O'Moore to appoint liquidators to GTLK Europe DAC and the related GTLK Europe Capital DAC - both ultimately owned by Russia's GTLK - State Transport Leasing - on the claim that the firms are insolvent and unable to pay their debts.
The application to liquidate the companies will be heard later this month. If the application is successful and a liquidator is appointed, it would be the largest winding up to date in Ireland.
After a brief hearing on May 2, where he was informed that the companies intended to oppose the liquidation application, O'Moore postponed the matter to allow them to bring a formal application to have the petition put back for a period.
Counsel James Cross, representing the companies, asked the court to adjourn on grounds including that the matter, which raises several legal complexities, was being rushed through too quickly. Even if the creditors' application was successful, counsel said, the liquidators would also have to deal with the sanctions imposed on the firms.
As reported, GTLK is Russia's largest leasing business in the transport sector. It is ultimately owned by the Russian Federation's Ministry of Transport. Several directors of GTLK's ultimate parent are government ministers or deputy ministers in the Kremlin.
