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Background
The Company is a subsidiary of Russia’s second-largest aluminium producer, UC Rusal International PJSC (“Rusal”), and was reportedly the major trading subsidiary of the Rusal group.
In 2019, the Company entered into a currency swap agreement with OWH to hedge against rouble volatility. Following the implementation of sanctions in 2022, OWH terminated the agreement citing compliance obligations. RTI challenged this in the London Court of International Arbitration (LCIA), but the tribunal found in favour of OWH, awarding it over €213 million (“the Award”).
The Royal Court in Jersey recognised the Award and, in June 2025, refused to grant the Company a stay of execution in relation to either enforcement or asset disclosure.
Recognition of the Provisional Liquidators’ appointment in England and Wales
The Provisional Liquidators applied to the Royal Court for the issue of a letter of request to the High Court of Justice of England and Wales ("High Court"), seeking assistance by way of the recognition in England and Wales of their appointment. The purpose of the recognition was principally to enable investigations into Company assets and the gathering of information and books and records being held by individuals, companies and/or firms in England, through the grant of equivalent powers by the High Court. The Company is also party to arbitral proceedings in England and accordingly the Provisional Liquidators sought recognition by the High Court of the moratorium on proceedings imposed pursuant to Article 157B(4) of the Companies (Jersey) Law 1991.
This application was the first letter of request concerning the appointment of provisional liquidators in Jersey. In evaluating the Provisional Liquidators' application, the Court concluded that:
- When insolvency procedures in both jurisdictions are analogous, such as provisional liquidation is between Jersey and England and Wales, that provides the strongest grounds for the Court to invoke its inherent jurisdiction to seek cross-border assistance.
- It was in the best interests of the creditors for the Provisional Liquidators' appointment to be recognised in England and Wales,
- It was apparent from the Provisional Liquidators' investigations that progress would be significantly impacted in the absence of recognition in England and Wales; and
- The Letter of Request would be favourably received by the English Court – which was based upon an opinion provided by English counsel.
The Letter of Request was issued substantially in the form applied for, but with it highlighted that any powers sought through a recognition application based on the letter of request must be carefully confined to those conferred by the act or order of appointment issued by the Royal Court of Jersey and not exceed the scope of powers vested in them under Jersey law
The High Court ordered the recognition of the appointment of the Provisional Liquidators of the Company in England and Wales on 8 September 2025.
Conclusion
The Royal Court’s decision to issue a letter of request to the High Court, and the High Court’s granting of the request, marks a significant step in cross-border insolvency cooperation, particularly given the context of this being within the first provisional liquidation appointment in Jersey.
The Provisional Liquidators are represented by Walkers (Jersey) LLP in Jersey and by Pinsent Mason’s in the UK.
