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Eterna Law Succesful for Clients on Appeal in British Virgin Islands

Eterna Law Succesful for Clients on Appeal in British Virgin Islands

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Eterna Law, working in cooperation with Maples and Calder in the British Virgin Islands and Matthew Hardwick QC (instructed by Maples and Calder Partner Arabella di Iorio), successfully appealed a lower court's ruling involving the discharge of a worldwide freezing injunction on behalf of clients Rustam Yusufovich Gilfanov and Sergey Aleksandrovich Tokarev in the Eastern Caribbean Court of Appeal (BVI Court of Appeal).

According to Eterna Law, "on 3 February 2017 the Eastern Caribbean Court Appeal, having considered the matter reported as (1) Rustam Yusufovich Gilfanov and (2) Sergey Aleksandrovich Tokarev v (1) Maxim Valeriovich Polyakov (2) Valeriy Oleksandrovich Polyakov and (3) Phoenix Holdings Limited ... allowed the appeal of Mr. Gilfanov and Mr. Tokarev and reinstated a USD 10 million freezing injunction against the Defendants - Maxim Valeriovich Polyakov, Valeriy Oleksandrovich Polyakov and Phoenix Holdings Limited – principally on the basis that the judge had been wrong to find (1) that there was no general risk of dissipation; and (2) no loss."

Eterna Law also reported that "the judgment of the ECCA provides an up to date analysis of (1) the relevance of a finding of a good arguable case of fraud to the inference of a risk of dissipation; (2) the assessment of damages in cases where property has been acquired in reliance on a fraudulent misrepresentation; and (3) the circumstances where the BVI court can order a freezing injunction against a non-cause of action defendant."

The Eterna Law team consisted of Partner Oleh Beketov and Senior Associate Aleksandr Lugovskyi.

Ukraine Knowledge Partner

Avellum is a leading Ukrainian full service law firm with a special focus on finance, M&A, and dispute resolution. Our goal is to be the firm of choice for our clients with respect to their most significant business transactions. We bring the most advanced Western legal techniques and practice, which, coupled with our first-hand knowledge, broad industry experience, and unparalleled level of service, will help our clients achieve best results in their business endeavours. We work seamlessly in integrated teams with premier US, UK and European law firms in course of multijurisdictional transactions. The team consists of 26 highly qualified attorneys, including three partners – Mykola Stetsenko, Glib Bondar, and Dmytro Marchukov, who are actively involved in every transaction. Avellum is recognised as one of the leading law firms in Ukraine by various international legal directories and Ukrainian legal editions (Chambers, Legal500, IFLR1000, Ukrainian Law Firms, and others).

Firm's website: www.avellum.com

 

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