Liquidators Earn €41.5M in GTLK Wind-Up, More Expected

Liquidators overseeing the collapse of GTLK Europe and GTLK Europe Capital have earned EUR41.5 million (USD47.6 million) in fees over the past two years, with more expected before the process concludes, according to the Irish Independent.

Appointed by the Irish High Court in May 2023, Damien Murran and Julian Moroney of Teneo Restructuring Ireland are handling the liquidation of the two entities, which were ultimately owned by Russia’s State Transport Leasing Company (GTLK). Recent filings reveal Teneo earned EUR14.3 million in fees in the six months ending May 31, 2025, and EUR15.7 million in the preceding period. The full wind-up could take another two and a half years.

In addition to liquidator fees, the process has incurred EUR27.6 million in international legal costs, EUR3 million for asset realization, and EUR860,000 in aircraft parking fees.

The liquidation involves more than 70 global subsidiaries, debts of around EUR167 million (USD191.5 million), and assets including 70 aircraft and 19 vessels valued at roughly EUR4 billion (USD4.6 billion). It is considered Ireland’s largest-ever corporate liquidation.

The GTLK entities were brought down after Western sanctions froze their accounts following Russia’s invasion of Ukraine, leading creditors to act.

Since taking charge, the liquidators have recovered EUR276 million (USD317 million), sold aircraft including A220-300s and A319-100s, and pursued legal action to recover lease payments, such as a suit against Qatar Airways over A330 leases. Much of the recovered capital remains in reserve as they work through complex, multi-jurisdictional asset recoveries.

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Sources: AirGuide Business airguide.info, bing.com, ch-aviation.com