PJSC Commercial Bank Privatbank v Kolomoisky and others

Practice – Freezing order. PJSC Commercial Bank Privatbank succeeded in part on its application for declarations against the first defendant in a claim seeking compensation for the alleged misapplication of the bank's assets. The Chancery Division held that the first defendant had not been funding the legal fees of a company in which he had a substantial interest 'in the ordinary and proper course of his business'. Accordingly, the past and future payments of those fees, by or at the direction of the first defendant, were not permitted by a freezing order made concerning him, and he required the bank's agreement or the court's permission in respect of such funding. The court declined to make further declarations sought by the bank in respect of certain other transactions.

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