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WHEN WILL THE COURT GRANT FREEZING ORDERS IN SUPPORT OF FOREIGN PROCEEDINGS?

This article was originally published in LexisNexis. Adam Solomon was counsel for the Claimant in the case, instructed by Andrew Harris and Duncan Hope of DWF.

Dispute Resolution analysis: in light of the recent Commercial Court decision in ICICI v Diminico, Andrew Harris and Duncan Hope, partners at DWF's Manchester office, and Adam Solomon and Nicholas Goodfellow, counsel at Littleton Chambers, analyse the English court's jurisdiction to grant freezing orders in aid of foreign proceedings.

Background
ICICI Bank UK Plc v Diminico NV [2014] EWHC 3124 (Comm); [2014] All ER (D) 207 (Oct)
The Commercial Court recently handed down an important decision under s 25 of the Civil Jurisdiction and Judgments Act 1982 (the CJJA 1982) concerning applications for domestic and worldwide freezing order (WFO) relief, and ancillary disclosure orders.

The claim was brought in support of Belgian proceedings in which ICICI Bank UK Plc (the Bank) claims sums in excess of US$25 million against Diminico NV (Diminico), a distributor of diamonds based in Belgium, whose March 2013 accounts disclose a turnover of approximately US$300 million, yet only retains credit balances in Belgium of approximately EUR 2,600.

To read the full article click here

Posted: 13.11.2014 at 15:14
Tags:  Comments  Cases  Commercial Law
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