UK Issues New Russia-Related License Involving Irish Insolvency Proceedings
The U.K.'s Office of Financial Sanctions Implementation issued a general license allowing payments and other permitted activities to take place related to insolvency proceedings for two Irish wings of Russian leasing firm GTLK. The two companies are GTLK Europe Designated…
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Activity Co. and GTLK Europe Capital Designated Activity Co. Under the license, any party, including the GTLK companies or their subsidiaries, along with involved practitioners, may "make, receive or process any payments" in connection with the insolvency proceedings. The license expires at the end of the day July 31, 2025.