Discussion on «The case of CargoLogicAir Limited and the impact of sanctions imposed on its Russian owner»

October 23, 2023

When we gave our talk on this matter as part of the ICAEW’s Restructuring & Insolvency Conference back in June, we were met with comments from many people in the profession expressing disbelief that the situations we described had actually occurred. How could Court Appointed Administrators face so many barriers and issues in simply doing what we all take for granted in getting on with the purposes of an administration? “Have you tried such and such a Bank?” and “Surely the Banks can’t refuse to deal with you?” and “Have you thought of [some blindly obvious step]!” The answer to all of which was “We tried that” and “Yes they do” and “Of course we have”.

We are pleased to say that there have been some glimpses of light from the end of the tunnel as we grope along in the darkness, and one day we will update everyone properly. As of now, no one has been paid a penny, but we do have the start of things with the ISA, and we still don’t have full access to the Company’s records, but you never know all might have changed by next week.

Please enjoy watching the whole session HERE, and look out for Part 2!

David Buchler and Jo Milner from Buchler Phillips were appointed Joint Administrators in November 2022. Sanctions expertise was provided by James DavisonChris ParkerNatalie PeacockDaniel Jones and John Forrest of DLA Piper. The ICAEW Conference was chaired by Rebecca (Becky) Dacre.

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