AAZ v BBZ & Ors

AAZ v BBZ & Ors

The court found that the transfers of assets to O 1 and O 2 were deliberate attempts by the respondent to hide assets and frustrate enforcement of the financial relief order, and that these entities were ciphers and alter egos of the respondent. The court set aside the dispositions, vesting the assets back in the respondent for enforcement purposes.

Parties
Applicant: AAZ; Respondent: BBZ; 2nd Respondent: C Ltd; 3rd Respondent: P Ltd; 4th Respondent: O 1; 5th Respondent: O 2
Jurisdiction
England and Wales
Judgment Date
20 December 2016
Procedural Posture
Family/divorce Financial Relief / Post Judgment Enforcement and Asset Tracing
Outcome
Dispositions of assets to O 1 and O 2 set aside; assets vest in respondent for enforcement of financial relief order.
Legal Topics
Ancillary Relief, Asset Tracing, Disposition at Undervalue, Enforcement of Financial Orders
Family Law Insolvency Law Ancillary Relief Asset Tracing Disposition at Undervalue Enforcement of Financial Orders

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Parties

AAZ

Applicant

BBZ

Respondent

C Ltd

2nd Respondent

P Ltd

3rd Respondent

O 1

4th Respondent

O 2

5th Respondent

Procedural Posture

Family/divorce Financial Relief / Post Judgment Enforcement and Asset Tracing

Legal Issues

  1. 1 Whether recent asset transfers by the respondent were designed to defeat enforcement of the financial relief order
  2. 2 Whether the dispositions to O 1 and O 2 should be set aside as transactions at undervalue

Ratio Decidendi

The court found that the transfers of assets to O 1 and O 2 were deliberate attempts by the respondent to hide assets and frustrate enforcement of the financial relief order, and that these entities were ciphers and alter egos of the respondent. The court set aside the dispositions, vesting the assets back in the respondent for enforcement purposes.

Court Disposition

Dispositions of assets to O 1 and O 2 set aside; assets vest in respondent for enforcement of financial relief order.

Orders

  • All dispositions of the modern art collection and P Ltd’s financial assets to O 1 and/or O 2 in or around November 2016 are set aside.
  • Assets vest in the respondent and remain available for enforcement of the financial relief judgment.