Kremlin-owned GTLK firms to fight winding-up application in Irish High Court

Two Irish-registered aircraft and ship leasing firms that are part of a group ultimately owned by the Russian state are opposing a High Court application for their winding-up.

Lawyers acting for four creditors of GTLK Europe DAC, and the related entity GTLK Europe Captial DAC, estimated to be worth more than $4.5 billion (€4.11 billion), last month asked the court to appoint liquidators on grounds that the firms are insolvent and unable to pay their debts. If the application is successful it would be the largest liquidation in the history of the Irish State.

The creditors, whose petition is being supported by other creditors of the group, want Damien Murran and Julian Moroney, of Teneo Restructuring Ireland, to be appointed as joint liquidators to the companies, which have been hit hard by international sanctions imposed on Russia following the invasion of Ukraine.

On Friday the creditors’ senior counsel, Kelley Smith, instructed by William Fry solicitors, told the court lawyers are representing the firms, which now intend to oppose the winding-up application.

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James Cross BL, for the companies, asked Mr Justice Brian O’Moore to adjourn next week’s winding-up hearing, on grounds including that the matter, which raises several legal complexities, was being rushed through.

Even if the creditors’ application is successful, counsel said, the liquidators will also have to deal with the sanctions imposed on the firms.

Mr Justice O’Moore noted the companies’ position and adjourned the case to next week so that the firms can bring a formal application to push back the petition.

GTLK is Russia’s largest transport leasing business.

The court heard the group, through a complex corporate structure, holds assets including 70 aircraft and 19 sea vessels. Its customers include airlines Emirates, EasyJet and Aeroflot.