Lifting of worldwide freezing injunction
In an unusual case, our Family team was contacted by a businessman with an urgent request for assistance to lift a worldwide freezing injunction on his business and personal assets, many held overseas, valued in excess of £6million.
His wife erroneously believed he was about to dissipate significant assets ahead of divorce and ancillary relief proceedings commencing, and had obtained a Mareva injunction at the Royal Courts of Justice, essentially freezing most of his worldwide assets.
The opposing solicitors had also obtained an injunction in Guernsey in respect of his offshore accounts, and we had 14 days to file an affidavit in response to the application via an agent in that jurisdiction. We also had to provide outline financial disclosure of our client’s assets at the same time.
During subsequent negotiations our client provided an undertaking that he would inform his wife of any planned transactions in excess of £100,000 or involving his property portfolio, and both injunctions were lifted.
We subsequently dealt with the full ancillary relief proceedings as the divorce progressed.
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Published: 3 Nov 2011