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Teneo has announced it has been appointed as administrators to VTB Capital.
VTB Capital plc was placed into administration on Tuesday 6 December at 11am. This followed a hearing in April whereby the order remained unsealed and conditional on receiving both an OFSI and OFAC sanctions licence.
As both of those conditions had been met, with the OFSI licence being received in April and the OFAC licence in November, the Court made the administration order.
Stephen Browne and David Soden of Teneo were appointed as administrators and are now using the licenses to realise the frozen assets.
The joint administrators stated that the aim is to recover as many assets as soon as possible so that non-sanctioned creditors can start receiving distributions.
Dan Butters, CEO of Teneo Financial Advisory, said: “Whilst the order was delayed by the licence situation, these licences are fundamental to enabling the repayment of non-sanctioned creditors and I’m pleased that matters can now be progressed.”
