JSC BTA Bank v Ablyazov (Receivership) [2010] EWHC 1779 (Comm), [2010] All ER (D) 02 (Dec)
Pursuant to s 37 of the Senior Courts Act 1981, the court was able to appoint a receiver in all cases in which it appeared to the court to be just and convenient to do so. Property which was subject to a receivership order could be ordered to vest in the receivers, but it would be held subject to the orders of the court. The mere making of an order did not vest the property of the defendant in the receiver.
Nevertheless it was open to the court to order that property of the defendant vest in the receiver if that was necessary for the purposes of the receivership. Moreover, the “Angel Bell” liberty (Iraqi Ministry of Defence v Arcepey Shipping Co SA (Gillespie Bros intervening), The Angel Bell [1980] 1 All ER 480 allowed the use of assets in the ordinary course of business. The principle extended beyond the payment of debts, or the incurring of ordinary living expenses. It applied also
