Supreme Court clarifies scope of “assets” covered by a freezing order

In a unanimous decision, the Supreme Court has confirmed that the right to draw down under loan agreements is caught by the expanded definition of "asset" contained in the current standard Commercial Court form of freezing order which includes "any asset which it (the respondent) has the power, directly or indirectly, to dispose of or … Read more

Privy Council confirms availability of backward tracing

“Happy is he who can trace effects to their causes”, Virgil observed. Well, victims of fraud will certainly be happy with the Privy Council’s decision in The Federal Republic of Brazil v Durant International Corporation (Jersey) [2015] UKPC 35. In an appeal from the Court of Appeal of Jersey, the Board confirmed the availability of … Read more

Upcoming webinars: freezing orders, class actions and contracts

Over the next few weeks we will be delivering a number of disputes-related webinars for Herbert Smith Freehills clients and contacts, including on: what to do when you’ve been given notice of a freezing order; the increasing risk of class actions in the UK; and how to know when you have a binding contract. In relation … Read more

Herbert Smith Freehills fraud bulletin published

Our trusts, fraud and asset tracing group has published its bi-annual fraud update, which includes the following articles: Freezing injunctions: whose assets are covered? A view from Hong Kong: top court looks at attribution of knowledge of fraudulent acts by directors to a company Supreme Court corrects “wrong turn” in English law, holding that bribes received by an agent are held on … Read more