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BVI Court Appoints Receivers on PCB Application

On 5 July 2013, the BVI Court handed down judgment in the case of Dalemont v Senatorov. The judgment is the latest in a series of worldwide steps that PCB is coordinating to recover Russian judgments against Mr Senataorov, based on his guarantees of many millions of dollars of bad loans.

Mr Senatorov’s assets were put into a Jersey foundation, Dalemont says in order to defeat the Russian judgments. The holding structure is complex, involving layers of companies in Russia, Cyprus and BVI and actions have been taken in all of those jurisdictions and Jersey in order to enforce the judgments. The case has already generated the first judicial decisions about the nature and operation of Jersey foundations.

In the most recent judgment, the BVI Court has appointed receivers over Mr Senatorov’s beneficial interests in shares of BVI companies. Those BVI companies are able to exercise certain rights over the foundation which may lead to the successful enforcement of some of the Russian judgments. The Court rejected Mr Senatorov’s argument that this was not appropriate property over which to appoint receivers. It also rejected his argument that he should not have to be faced with the costs of defending numerous enforcement proceedings, saying that this was an illusion of hardship as there is no inherent right to thwart enforcement of judgments.