Administrators of Sova Capital, a collapsed London broker formerly controlled by Russian banker Roman Avdeev, are seeking UK court approval to sell a pile of Russian securities to Avdeev in a complex and novel attempt to shift illiquid Russian assets.
Russian financial institutions, meanwhile, were mostly "subject to sanctions or asset freezes," which severely limited the "universe of potential buyers," Philips said.
Posing an obstacle to Avdeev's proposal, another Russian creditor of Sova filed an objection to the court on the basis that Avdeev's credit bid should not be permitted under UK insolvency laws. The proposed deal, Zilbermints said, would lead to an "unprecedented contravention of creditors’ rights to equal treatment" and urged Teneo to continue exploring the possibility of selling the Russian securities for cash, according to court filings.
Lawyers expect wealthy individuals and institutions to continue seeking court approval for ways of exiting Russian investments while complying with sanctions.
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