Recovering Misappropriated Assets – The English Route To Asset Recovery

The English Courts are taking a proactive approach that assists Claimants dealing with fraudsters taking advantage of changing technologies

We live in an era where money can be transferred electronically through multiple accounts and jurisdictions at the push of a button. Consequently, victims of fraud and misappropriations need to consider international asset recovery strategies.

London has long proven a popular venue for litigation, both in support of foreign disputes and as a primary seat of litigation. It is an international city, and Defendants often own assets here: from real estate (owned for personal use or investment) to bank accounts or trading companies. This means there are often assets available for enforcement.

In addition, the English Courts have a proven track record in helping foreign claimants fight the battle against fraudsters. They offer robust interim injunctions, and the prospects of a swift resolution of disputes: it can take just two years to get to Judgment, and very rarely takes more than five years (even in complex heavyweight fraud claims with multiple parties). Finally, English orders and judgments are easily enforced in a number of other jurisdictions, with England therefore providing a good ‘spring board’ for international asset recovery actions.

Many of the remedies available in England are also available in other jurisdictions, particularly the common law ones. However, this article explains how the English Courts are taking a proactive approach in applying the law in a manner that assists Claimants dealing with fraudsters who cleverly seek to take advantage of changing technologies and an ever more global financial system.

Worldwide Freezing Orders “WFOs”

WFOs are a well known and well-established remedy, available in many common law jurisdictions. Their effect is to freeze assets in the hands of the Defendant pending judgment.