Friday, 16 October 2015

UK: Supreme Court judgment next week - did a freezing order apply to the right to borrow money?

The Supreme Court will give judgment next Wednesday in JSC BTA Bank v Ablyazov. At issue was whether a chose in action - a right to borrow money pursuant to a facility agreement - was an "asset" for the purposes of a standard form freezing order. The Court of Appeal unanimously held that it was not (see [2013] EWCA Civ 921, noted: [2013] WLR(D) 305) and here).

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