Petropavlovsk PLC

In September, we wrote about the administration of Petropavlovsk PLC, the parent of a group of gold mining companies operating in the far east of Russia, which entered administration on 18 July after its ability to operate was impaired due to international sanctions and other restrictions resulting from Russia’s invasion of Ukraine.

The case was significant in that the English High Court granted permission to the joint administrators (Allister Manson, Trevor Binyon and Joanne Rolls of Opus) to enter into a sale amidst sanctions concerns.

Now, the joint administrators have received permission from the High Court to place Petropavlovsk 2010 Limited and Petropavlovsk 2016 Limited, two of the company’s Jersey-based subsidiaries, into administration.

The Court has also granted orders directing that scheme meetings be held for the three companies.

The notices of the administrations and scheme meetings can be found HERE.

The joint administrators are assisted by MacIntyre Hudson in relation to legal issues surrounding the sale and sanctions; insolvency counsel (Peter Arden QC and Joseph Wigley) and sanctions counsel (Jim Sturman QC) to provide specialist advice and representation; DAC Beachcroft to deal with an outstanding employee claim; Isadore Goldman in relation to the Company’s leasehold interest in its trading premises; and Shoosmiths relating to all employment matters with the existing team and any potential TUPE implications. Weil Gotshal and Dechert provided legal advice in relation to the Company’s financial situation prior to Opus’ engagement. Lawyers in various other jurisdictions have also assisted with the transfer of the Company’s shares.