23es

Construction of Freezing Orders

JSC BTA Bank v Ablyazov [2015] UKSC 64

 

The Supreme Court has today allowed an appeal in part on the question of the proper construction of a standard form freezing order. The Supreme Court confirmed that the correct approach to construction is restrictive and not expansive, and requires a consideration of the particular context which includes the historical context of the development of freezing orders. However, reversing in part the decision of the Court of Appeal, the Supreme Court ruled that the definition of the Respondents’ assets under the freezing order (‘For the purpose of this Order the respondents’ assets include any asset which they have power, directly or indirectly, to dispose of, or deal with as if it were their own’) was sufficiently wide to include the proceeds of loan agreements, though those monies were the bank’s, as Mr Ablyazov had the power to direct the bank as to what to do with those funds and he did so.

 

http://www.bailii.org/uk/cases/UKSC/2015/64.html

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