GTLK Europe’s international leasing business is headquartered in Dublin, and the entities subject to the proposed wind-up are at the top of the group’s structure.
Counsel said that following the imposition of the sanctions there had been significant default by GTLK Europe Capital regarding its repayment obligations, specifically the requirement to repay interest due on the loans. Kelley Smith SC, instructed by William Fry Solicitors, for the creditors, told the court that GTLK is Russia’s largest leasing business.
Counsel said that arising out of the sanctions the group’s lease should have been terminated and the firm would retake possession of its assets. However, it was not clear if any such steps have been taken, particularly within Russia where the majority of the aircraft are located. Those aircraft continue to be operated by Russian airlines within Russia and have been wrongfully re-registered in Russia, counsel said.
It was also unclear if Irish-based solicitors are continuing to act for or to advise the two companies, counsel said. Their current directors and secretaries are Russian nationals and entities, counsel said.
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Source: IrishTimes - 🏆 3. / 98 Read more »