Re CargoLogicAir Ltd; Vekshin (in his capacity as the sole director of CargoLogicAir Ltd) (16 November 2022)

The Chancery Division allowed the applicant’s application for an administration order regarding the company for which he was the sole director. The business of the company had been negatively affected by sanctions imposed on the ultimate majority shareholder imposed under the Russia (Sanctions) (EU Exit) Regulations 2019. The court held that the administrators were reasonably likely to achieve one or more of the statutory purposes. It was important that the administrators take immediate control of the company. The order would be made as sought.