Waive hello to an innovative transaction - administrators' novel approach pays dividends

Re Sova Capital Ltd [2023] EWHC 452 (Ch)

by Michael Barnett and Laurence Crees

In Re Sova Capital Ltd [2023] EWHC 452 (Ch), the English court has, for the first time, approved an "unsecured credit bid" transaction, in the context of a special administration where the ability for administrators to sell the securities concerned was severely limited by the invasion of Ukraine, Western sanctions and restrictions in Russia.