Judgment on worldwide freezing order variation application

George Hayman KC acted for the Claimant in successfully resisting an application to vary an £88m worldwide freezing order to permit the sale of a significant London property. Applying the principles laid down by Christopher Clarke J in Noga v Australian and New Zealand Banking Corporation [2006], Foxton J made useful observations about (1) the quality and detail of evidence required from a freezing order respondent to satisfy the court on a variation application, (2) the benefits of a transparent and collaborative approach on the part of a respondent who wishes to enter into a transaction which prima facie would amount to a dissipation, and (3) how a sale might be permitted on terms which preserve for a claimant the prospective benefits of the equitable doctrine of marshalling before that claimant has established its status as a judgment creditor.

In the main action, George leads Duncan McCombe instructed by Fraser Mitchell and Benjamin Smith and Jane Daly of Lewis Silkin LLP.

The Judgment is here.