Claim No: CR-2024-004856 - [2025] EWHC 2304 (Ch)
Fecha: 10-Sep-2025
Heading

IN THE HIGH COURT OF JUSTICE
BUSINESS AND PROPERTY COURTS OF ENGLAND AND WALES
INSOLVANCY AND COMPANIES LIST (ChD)
AND
BUSINESS LIST (ChD)
7 Rolls Buildings,
Fetter Lane, London,
EC4A 1NL
Before:
THE HONOURABLE MR JUSTICE THOMPSELL
IN THE MATTER OF KOZA LTD.
AND IN THE MATTER OF THE INSOLVENCY ACT 1986
KOZA ALTIN İŞLETMELERİ A.Ş
Petitioner
and
(1) KOZA LTD
(2) HAMDI AKIN IPEK
Respondents
Mr James Sheehan KC and Mr Jason Mitchell instructed by MacGregor Law Ltd for the 2ndRespondent
Mr David Caplan and Mr Paul Fradley instructed by Mishcon de Reya LLP for the Petitioner
Hearing dates: 29 and 30 July 2025
APPROVED JUDGMENT
This judgment was handed down remotely at 10.30am on 10 September 2025 by circulation to the parties or their representatives by e-mail and by release to the National Archives
Mr Justice Thompsell:
- Heading
- Introduction This hearing is dealing with an application (the “ Application ”) made by the Petitioner, Koza Altin İşletmeleri A.Ş. (“ Koza Altin ”), for summary judgment on (or alternatively strike out of the defe
- BACKGROUND Parties
- The confiscation of shares in Koza Altin
- The A ordinary share
- The ordinary shareholders’ Article 4 rights
- The 2016 and 2021 Proceedings
- The Interim Regime
- Disputes over the business of Koza Ltd
- SUMMARY OF KOZA ALTIN’S GROUNDS FOR WINDING UP
- LEGAL PRINCIPLES: SUMMARY JUDGMENT
- LEGAL PRINCIPLES: JUST AND EQUITABLE WINDING-UP
- ARE THERE GROUNDS FOR JUST AND EQUITABLE WINDING-UP?
- IS KOZA ALTIN THE 100% ECONOMIC OWNER?
- The dividend yield basis
- The share of net asset basis
- The value of the right to extract value
- Nuisance value
- My conclusions on the report
- DOES KOZA ALTIN HAVE NO CONTROL? The position up to the hearing
- The position following the undertaking given in the course of the hearing
- UNREASONABLE REFUSAL OF AN ALTERNATIVE
- COLLATERAL PURPOSE
- UNCLEAN HANDS
- STRIKE-OUT APPLICATIONS
- Conclusions