The court held that a defendant subject of an asset freezing order, who borrows money, does thereby increase his indebtedness but does not dispose of, deal with or diminish the value of his ‘assets’ within the meaning of the standard form of freezing order. By borrowing money and spending the borrowed money the defendant may reduce his net asset position but that is not what he is restrained from doing by the standard form of wording.
Judges:
Neuberger J
Citations:
[2002] CP Rep 25
Jurisdiction:
England and Wales
Cited by:
Cited – JSC BTA Bank v Ablyazov SC 21-Oct-2015
The court was asked as to the interpretation and application of the standard form freezing order. In the course of long-running litigation between JSC BTA Bank and Mr Ablyazov the Bank had obtained a number of judgments against the respondent . .
Lists of cited by and citing cases may be incomplete.
Litigation Practice
Updated: 09 May 2022; Ref: scu.591722