Matter

Denali Corp-FZCO v Allister Manson & Ors ([2026] EWHC 2287 (Ch))

The High Court considered whether liquidators could consent to assigning uncertain liquidation rights amid UK sanctions, and directed that consent be given.

Cross-border insolvency
Sanctions disputes
Cross-border litigation

Industry type: Mining and quarrying

4 September 2026England and Wales
4 September 2026England and Wales
Approved Judgment of the High Court of Justice, Chancery Division (Insolvency and Companies List) in the case Denali Corp-FZCO v Allister Manson & Ors ([2026] EWHC 2287 (Ch)) dated 4 September 2026
High Court of Justice, Chancery Division (Insolvency and Companies List)
Citation
[2026] EWHC 2287 (Ch)
Decision summary
The court held that the assignment transferred contractual rights under clauses 10.1, 12.1 and 13.1 of the Share Sale Deed, not the Term Loan, the dividend or Atlas's proof. Those uncertain rights were economic resources rather than funds under the UK sanctions legislation, and the liquidators' consent to the assignment would not breach the Regulations.
Participants
Denali Corp-FZCO
Representative
Adam Al-Attar KC (For: Denali Corp-FZCO)
Representative
Ali Al-Karim (For: Denali Corp-FZCO)
Representative
Charlotte Ward (For: Denali Corp-FZCO)
Allister Manson
Representative
Peter Arden KC (For: Allister Manson · Joanne Rolls · Trevor Binyon)
Representative
Jim Sturman KC (For: Allister Manson · Joanne Rolls · Trevor Binyon)
Representative
Alex Davidson (For: Allister Manson · Joanne Rolls · Trevor Binyon)
Joanne Rolls
Representative
Peter Arden KC (For: Allister Manson · Joanne Rolls · Trevor Binyon)
Representative
Jim Sturman KC (For: Allister Manson · Joanne Rolls · Trevor Binyon)
Representative
Alex Davidson (For: Allister Manson · Joanne Rolls · Trevor Binyon)
Trevor Binyon
Representative
Peter Arden KC (For: Allister Manson · Joanne Rolls · Trevor Binyon)
Representative
Jim Sturman KC (For: Allister Manson · Joanne Rolls · Trevor Binyon)
Representative
Alex Davidson (For: Allister Manson · Joanne Rolls · Trevor Binyon)
High Court of Justice, Chancery Division (Insolvency and Companies List)
Judge
HHJ Johns KC
Authorities cited
5
- Sanctions and Anti-Money Laundering Act 2018, section 60
  statute
- Russia (Sanctions) (EU Exit) Regulations 2019, regulation 11
  regulation
- Insolvency Act 1986, section 112
  statute
- Re Petropavlovsk [2022] EWHC 2097 (Ch)
  case
- PJSC National Bank Trust v Mints [2023] EWCA Civ 1132
  case
Source

Procedural record

Participants

Denali Corp-FZCO

Allister Manson

Joanne Rolls

Trevor Binyon

High Court of Justice, Chancery Division (Insolvency and Companies List)

Authorities cited