The Chancery Division ruled on the application for common law recognition brought by the applicant, a trustee, against the respondent, the bankrupt. The applicant, an insolvency practitioner, had been appointed for the purpose of realising and liquidating the respondent's assets (the bankruptcy order). The trustee's position was that the effect of the bankruptcy order was that all of the respondent's assets worldwide was vested in her automatically under Russian law. It was alleged that the respondent had granted a guarantee in favour of a Russian bank, VTB, to support a loan facility given to his sister, in the sum of 320.441m Russian roubles (equivalent to around US $5m). The respondent had failed to pay the amount and accordingly, a bankruptcy judgment was issued against him. The respondent had argued that the VTB bankruptcy judgment was procured by fraud and that the guarantee was a forgery. The court held, among other things, that it had been shown that the respondent had not established that the guarantee was a forgery and that the VTB bankruptcy judgment was procured by fraud. Hence, recognition of the respondent's Russian bankruptcy should not be denied.