Jim Sturman KC and Alex Davidson appear in High Court sanctions case

Jim Sturman KC and Alex Davidson appeared alongside specialist insolvency counsel Peter Arden KC on behalf the joint liquidators of Petropavlovsk plc, the former LSE-listed gold mining company, in Re Petropavlovsk plc [2026] EWHC 2287 (Ch).

The judgment considers the distinction between a fund and economic resource to rights arising in an insolvent estate, applying the Court of Appeal’s analysis in Mints v PJSC National Bank Trust [2023] EWCA Civ 1132. A determination was sought under section 112 of the Insolvency Act 1986 on the question of whether the consent of the joint liquidators to the assignment by a designated person of its right to receive the proceeds of the liquidation would contravene the Russia (Sanctions) (EU Exit) Regulations 2019. The Court held that consent could be given by the joint liquidators without breaching the Regulations.

The rights under consideration were vested in the designated person pursuant to a share sale deed dated 1 August 2022, which the High Court gave its approval to in Re Petropavlovsk plc [2022] EWHC 2097 (Ch) in which Jim Sturman KC had previously represented the joint liquidators.

Jim and Alex were instructed by Ian McKim and Jonothan Gould of Joseph Hage Aaronson & Bremen LLP.

The judgment can be read here.