In this article, Arlingsworth are pleased to share the news of a recent success on a Commercial Law case that involved a multi-million pound organisation having their assets frozen. Read the details below to find out how we won:
Last week, Arlingsworth Solicitors were involved in a high net-worth case which involved the freezing of a company’s assets up to the value of £3.5m. The assets were subject to a Freezing Order that had been obtained by the Claimant on a without notice (known as “ex parte”) basis. The order prevented the disposal of the Defendant company’s stock in England & Wales. The Order, which was effective in England & Wales, was sought as part of a wider pan-European litigation involving the Claimant and the Defendant Company.
The Defendant Company, whose annual turnover is in the region of £40 million, instructed Arlingsworth on an emergency basis on the 23rd February 2016. We took this case on as a matter of urgency. In order to win it, Arlingsworth applied to the court to seek a discontinuance of the Freezing Order on the principle grounds that:
- There was no real risk of dissipation.
- Full and Frank disclosure had not been made by the Claimant to the trial judge during the initial application hearing.
- That the Freezing Order was unduly harsh and the wrong type of remedy to seek given the circumstances of the case.
The case was heard at the Queen’s Bench Division of the High Court just three days later on the 26th February 2016. The Judge found that the mandatory test of showing a ‘real risk of dissipation’ had not been satisfied by the Claimant. As a result, the Freezing Order was discontinued. The Defendant company was, understandably, delighted by the result. Thanks to Arlingsworth, they are now free to continue trading their stock in the UK.
Not only did we win the case for them, but also secured a costs order, which means we recovered our client’s costs as well as damages from the Freezing Order since it was put in place.
If your company or business is experiencing similar problems and would like the issues fixed in a timely way, then speak to a member of our Commercial Law and Litigation team. We have helped dozens of businesses over the years, from small, family-run companies to global corporations. As such, we can assist with all aspects of Commercial Law, from insolvency to shareholder disputes. Call us today in Brighton on 01273 696962 or in London on 0203 358 0058