A.G. Der Manufacturen I.A. Woronin Leutschig & Cheshire v Frederick Hutts & Company
| Jurisdiction | England & Wales |
| Judgment Date | 02 May 1928 |
| Docket Number | Case No. 91 |
| Date | 02 May 1928 |
| Court | King's Bench Division |
(Mr. Justice Wright.)
Jurisdiction — Territorial — (1) Effect of Decrees of Foreign Governments Nationalising Assets of Corporations In corporated under Laws of that State — Effect Limited to Assets within Territory of that State — (2) Effect of Decrees of Foreign Government Cancelling Shares and Monopolising Business — Effect upon Bearer Shares Held by Persons outside Territory of that State.
The Facts.—The plaintiff company was incorporated in Russia before the Great War and owned a cotton mill in Petrograd. It had no branch or agency in England. The defendants were the plaintiff company's bankers and correspondents in England. The shares in the plaintiff company, with the exception of the directors' qualification shares, were bearer shares, and the statutes of the company provided that the holders of receipts for the deposit of share warrants at banks were entitled to vote at meetings. At some date in the year 1917 the defendants held nearly £82,000 of the moneys of the plaintiff company.
In November, 1917, the Soviet Government established itself in Russia by means of a revolution, and on 28 June, 1918, it issued a Decree purporting to nationalise all the property of joint stock companies engaged in the cotton industry and...
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