Privatbank v Kolomoisky and ors – Blackstone Chambers

Posted October 29th, 2019 in enforcement, freezing injunctions, joinder, judgments, jurisdiction, news by sally

‘The case concerns an alleged scheme perpetrated by the defendants to misappropriate c. US$2 billion from the Bank. The Bank alleged that the scheme was orchestrated by Ds 1 and 2, Ukrainian “oligarchs” domiciled in Switzerland, with the assistance of English and BVI companies through which the Bank alleged that misappropriated monies were laundered. The Bank sued Ds 1 and 2 and the BVI companies in England, using the English companies as “anchor defendants”. It sought, and was granted by Nugee J, a Worldwide Freezing Order in the amount of US$2.6 billion.’

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Blackstone Chambers, 22nd October 2019

Source: www.blackstonechambers.com

Legal Expenses and Variations for Living Expenses in Account Freezing Orders (AFOS) – Drystone Chambers

Posted October 29th, 2019 in expenses, fees, freezing injunctions, news, proceeds of crime by sally

‘This article will deal with how to withdraw legal and living expenses from an Account Freezing Order (‘AFO’). Like all freezing or restraint proceedings under the Proceeds of Crime Act 2002 (‘POCA’), living expenses can be paid from the account where they are reasonable and continue the current lifestyle of the owner of the account.’

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Drystone Chambers, October 2019

Source: drystone.com

Imprisoned former LiP fails Denton test over appeal four months late – Law Society’s Gazette

‘Lawyers have become used to running the gauntlet of the Denton test for relief from sanctions – but now the yardstick for out-of-time applications has resulted in a litigant staying behind bars.’

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Law Society's Gazette, 22nd October 2019

Source: www.lawgazette.co.uk

The duty of full and frank disclosure in worldwide freezing orders and service out applications (Tugushev v Orlov (No. 2)) – Hardwicke Chambers

‘The most recent episode in litigation between two Russian Oligarch involving an application to set aside a World-wide Freezing Order (“WFO”) and permission for service out of jurisdiction (“Service Out Order”) for failures in the duty of full and frank disclosure (“the Full and Frank Duty”).’

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Hardwicke Chambers, 9th August 2019

Source: hardwicke.co.uk

High Court allows cross examination of Defendant on a worldwide freezing order concerning asset disclosure – No. 5 Chambers

Posted August 29th, 2019 in cross-examination, disclosure, freezing injunctions, news by sally

‘On 27 June 2019 in the English High Court in Kazakhstan Kagazy Plc & 5 Others v Baglan Abdullayevich Zhunus & Others [2019] EWHC 1693 (Comm) 2019 WL 02746548; the High Court re-examined the principles on which a Defendant can be cross-examined on their assets where there had been a disclosure order pursuant to a worldwide freezing order (‘WFO’).’

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No. 5 Chambers, 1st August 2019

Source: www.no5.com

Koza Ltd & Anor v Akcil & Ors [2019] EWCA Civ 891 – Hardwicke Chambers

Posted July 3rd, 2019 in company directors, expenses, freezing injunctions, news, undertakings by sally

‘The first Appellant/Claimant (‘Koza Ltd’) was a company incorporated in England and Wales, of which the Second Appellant/Claimant, ‘Mr Ipek’ was sole director. Koza Ltd was incorporated in March 2014 and capitalised with £60 million provided by the Respondent/Defendant (“Koza Altin”), its parent and 100% owner, to undertake mining operations outside Turkey.’

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Hardwicke Chambers, 27th June 2019

Source: hardwicke.co.uk

Costs ‘disproportionately high’ in Russian oligarch battle – Law Society’s Gazette

Posted December 18th, 2018 in costs, freezing injunctions, jurisdiction, law firms, news, proportionality by sally

‘City firm Macfarlanes ‘hampered’ the court by failing to provide a clear breakdown of costs, a judge has ruled in the latest development of a billion-pound battle for control of a global fishing company.’

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Law Society's Gazette, 17th December 2018

Source: www.lawgazette.co.uk

£7m win for Chinese company in first ‘persons unknown’ freezing order – Law Society’s Gazette

Posted September 27th, 2018 in computer crime, costs, damages, freezing injunctions, news by tracey

‘The High Court has awarded the UK arm of natural resources company China Molybdenum Company (CMOC) £7m, in a case in which a worldwide freezing injunction against “persons unknown” was approved for the first time.’

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Law Society's Gazette, 26th September 2018

Source: www.lawgazette.co.uk

Extensions of Moratorium Periods and How it Can Be Challenged – Drystone Chambers

Posted August 9th, 2018 in freezing injunctions, news, proceeds of crime, time limits by sally

‘The NCA now have the power to extend the moratorium period on Suspected Activity Reports (SAR) by 31 days, up to a total of 186 days. This is due to the amendment of the Proceeds of Crime Act 2002 (‘the Act’), by the Criminal Finance Act 2017. It is usually clear to an interested party when this is happening, due to delay from the banks in releasing their money. The banks cannot confirm this due to the tipping off provisions.’

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Drystone Chambers, July 2018

Source: drystone.com

High Court hosts new mega-money Russian dispute – Law Society’s Gazette

Posted August 7th, 2018 in choice of forum, freezing injunctions, news, Russia by sally

‘Another high-profile foreign dispute, this time related to a stake in a Russian fishing company valued at more than a billion pounds, has opened in the High Court – though the relevance of England and Wales as a jurisdiction has again been called into question.’

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Law Society's Gazette, 7th August 2018

Source: www.lawgazette.co.uk

The CoA finds that a bank was contractually entitled to comply with foreign court orders – OUT-LAW.com

Posted June 27th, 2018 in banking, contracts, foreign jurisdictions, freezing injunctions, news by tracey

‘The Court of Appeal (CoA) has dismissed an appeal in which the Republic of Kazakhstan (RoK) and its national bank argued that their custodian bank, Bank of New York Mellon (BNYM), had acted in breach of contract by freezing their assets in accordance with foreign court orders.’

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OUT-LAW.com, 26th June 2018

Source: www.out-law.com

Delayed service sufficient to strike out freezing orders – OUT-LAW.com

Posted May 17th, 2018 in appeals, banking, delay, documents, freezing injunctions, news, striking out by tracey

‘The Court of Appeal has upheld a decision to strike out freezing orders granted on behalf of French bank Société Générale (SocGen), after finding that the bank had taken too long to issue the relevant claim forms.’

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OUT-LAW.com, 16th May 2018

Source: www.out-law.com

Cash flow tensions in adjudication enforcement – Practical Law: Construction Blog

‘Much has been written about Fraser J’s judgment in Gosvenor London Ltd v Aygun Aluminium UK Ltd, with both Tim Sampson and Abdul Jinadu discussing various issues on this blog. What I thought was interesting about the judgment was how it illustrates the tension between adjudication and the principle embodied within it of keeping cash flowing, and how a successful challenge on enforcement may stop it. Ironically, this is often at a time when a party most needs cash to keep flowing.’

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Practical Law: Construction Blog, 24th April 2018

Source: constructionblog.practicallaw.com

Case Comment: JSC BTA Bank v Khrapunov [2018] UKSC 19 – UK Supreme Court Blog

‘Jessica Joel, trainee solicitor at CMS, considers the case of JSC BTA Bank v Khrapunov.;

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UK Supreme Court Blog, 13th April 2018

Source: ukscblog.com

Court underlines importance of full disclosure in freezing injunction cases – OUT-LAW.com

Posted November 28th, 2017 in disclosure, fraud, freezing injunctions, news, setting aside by sally

‘The English High Court has thrown out an application to set aside a without notice freezing injunction made against two defendants to a fraud action, saying the claimants had disclosed sufficient evidence for the case to proceed.’

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OUT-LAW.com, 27th November 2017

Source: www.out-law.com

Court continues freezing order after suspected email fraud – OUT-LAW.com

Posted September 4th, 2017 in electronic mail, fraud, freezing injunctions, news by sally

‘An individual has successfully applied for continuation of a freezing order, after being able to show that there was a real risk that money held in another’s account would be dissipated if the order was not continued.’

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OUT-LAW.com, 1st September 2017

Source: www.out-law.com

Court again highlights ‘severe consequences’ of deliberately breaching freezing order, says expert – OUT-LAW.com

Posted June 19th, 2017 in freezing injunctions, injunctions, mental health, news, sentencing by sally

‘The High Court has again highlighted the “severe consequences” of deliberately breaching a freezing order, imposing a 12-month prison sentence on a woman who failed to comply with two deadlines and later lied to the court, an expert has said.’

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OUT-LAW.com, 19th June 2017

Source: www.out-law.com

Charlene Ashiru on Protecting Your Judgment: A New Tort of Asset-Stripping? – Littleton Chambers

‘Whilst it might be tempting as a Defendant company to dissipate assets to avoid Judgment debts, it is ill-advised and is unlikely to provide an easy escape.’

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Littleton Chambers, 16th May 2017

Source: www.littletonchambers.com

Notification Injunctions to Preserve Assets: an overview by Marc Delehanty – Littleton Chambers

Posted April 6th, 2017 in appeals, freezing injunctions, injunctions, news, notification by sally

‘A notification injunction is a variant of a conventional freezing injunction. Broadly speaking, it provides that the respondent cannot deal with or dispose of his assets without first providing advance notice of the proposed dealings to the applicant.’

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Littleton Chambers, 24th March 2017

Source: www.littletonchambers.com

Kazakhstan Kagazy plc and others v Zhunus and others – WLR Daily

Posted October 31st, 2016 in civil procedure rules, contribution, fraud, freezing injunctions, law reports by sally

Kazakhstan Kagazy plc and others v Zhunus and others [2016] EWCA Civ 1036

‘The claimants were a group of companies. The first and second defendants had been, respectively, the chairman of the board and the chief executive officer of the first and second claimants. The third defendant had been the finance director of the second claimant. The claimants issued proceedings alleging, inter alia, that the defendants had dishonestly caused the claimant companies to enter into transactions in which large sums of money were paid to entities owned or controlled by the defendants and which had caused the claimants to incur substantial financial losses. All three defendants served defences denying fraud and dishonesty or that they had personally benefitted from the transactions. Subsequently, the first defendant reached a settlement of the claim against him with the claimants. The second and third defendants applied for permission pursuant to CPR r 20.6(2)(b) to bring a contribution claim against the first defendant, no such claim having been filed and served when they served their defence. The second defendant further sought a worldwide freezing order against the first defendant. The judge refused the applications, holding that (i) the claim for contribution was bound to fail because the draft contribution notice sought to be relied upon by the second and third defendants did not advance a case of actual fraud or wrongdoing by the first defendant and, following the their settlement agreement with the first defendant, no such case was being advanced by the claimants which the second and third defendants could adopt as an alternative to their primary position that they had acted honestly; and (ii) the court could only grant a freezing injunction once the applicant had an accrued cause of action, which, in the context of a claim for contribution, was once the contribution notice had been filed and served under CPR r 20.6(2).’

WLR Daily, 26th October 2016

Source: www.iclr.co.uk