ARTICLE · 05 OCTOBER 2012

Insurance And Reinsurance Weekly Update - 2nd October 2012

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What order a court should make following a breach of a freezing order/third party interests.

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JSC Bank v Ablyazov

What order a court should make following a breach of a freezing order/third party interests

http://www.bailii.org/ew/cases/EWHC/Comm/2012/2543.html

This is the latest case in the lengthy litigation between these two parties. The claimant obtained a freezing order against the defendant. He has since breached that freezing order by pledging certain of his assets to two banks. The Court of Appeal, in an earlier judgment, confirmed that the pledges were a breach of the order because the defendant was not dealing with the assets in the ordinary course of business (the defendant not having any relevant business). In this case, the claimant sought an order that the defendant exercise his best endeavours to reverse the pledges. Teare J held as follows:

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