Wills & Trusts Law Reports | December 2015 #155In 1992 Mr Pugachev founded the first claimant bank (Mezhprom). In November 2010 the Moscow Arbitrazh Court declared Mezhprom to be insolvent, opened liquidation proceedings and appointed the second claimant (the DIA) as liquidator. On 25 January 2011 the Russian authorities began a criminal investigation with regard to the insolvency of Mezhprom and three days later Mr Pugachev fled Russia. On 2 December 2013 the claimants began proceedings against Mr Pugachev in the Moscow Arbitrazh Court.
On 11 July 2014 Henderson J granted a worldwide freezing order without notice in aid of th...
Maxine Cupitt, Simon Garrett and Barney Hearnden examine the lessons to be learned from Madoff ‘In Madoff Securities International Ltd (In Liquidation) v Raven [2013] the judge looked through the now legendary frauds of Madoff to arrive at a practical evaluation of the directors’ obligations given all the circumstances.’ In the recent decision of Madoff …
Continue reading "Directors’ duties: Beggering belief"
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