BCS Corporate Acceptances Ltd & Ors v Terry & Anor [2016] EWHC 533 (QB) (11 March 2016)

BCS Corporate Acceptances Ltd & Ors v Terry & Anor [2016] EWHC 533 (QB) (11 March 2016)

There was no material non-disclosure warranting discharge of the order; the French criminal proceedings against Mr Taylor were not relevant given the English judgment. There is a real risk of dissipation by Mr Terry justifying continuation of the freezing order against him, including specified assets. The order against Ms Drewett was improperly made in the absence of proceedings or risk of dissipation by her and is discharged ab initio.

Citation
[2016] EWHC 533 (QB)
Parties
Applicant: BCS Corporate Acceptances Limited; Applicant: BCS Offshore Funding Limited; Applicant: Mr John Taylor; Respondent: Mr Daniel Terry; Respondent: Ms Sharon Lynette Drewett
Jurisdiction
England and Wales
Judgment Date
11 March 2016
Procedural Posture
Freezing Injunction (return Date) / Substantive Return Date Hearing on Continuation/discharge of Injunction
Outcome
Order against Mr Terry continued; order against Ms Drewett discharged ab initio.
Legal Topics
Freezing Injunctions, Non Disclosure, Risk of Dissipation, Third Party Asset Freezing, Insolvency Act Proceedings
Civil Procedure Insolvency Asset Recovery Freezing Injunctions Non Disclosure Risk of Dissipation Third Party Asset Freezing Insolvency Act Proceedings

Case Brief

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Parties

BCS Corporate Acceptances Limited

Applicant

BCS Offshore Funding Limited

Applicant

Mr John Taylor

Applicant

Mr Daniel Terry

Respondent

Ms Sharon Lynette Drewett

Respondent

Procedural Posture

Freezing Injunction (return Date) / Substantive Return Date Hearing on Continuation/discharge of Injunction

Legal Issues

  1. 1 Whether there was material non-disclosure at the without notice hearing and its consequence
  2. 2 Whether there is a real risk of dissipation of assets by Mr Terry
  3. 3 Whether it is just and convenient to continue the freezing order against Mr Terry

Ratio Decidendi

There was no material non-disclosure warranting discharge of the order; the French criminal proceedings against Mr Taylor were not relevant given the English judgment. There is a real risk of dissipation by Mr Terry justifying continuation of the freezing order against him, including specified assets. The order against Ms Drewett was improperly made in the absence of proceedings or risk of dissipation by her and is discharged ab initio.

Court Disposition

Order against Mr Terry continued; order against Ms Drewett discharged ab initio.

Orders

  • Freezing injunction against Mr Terry to continue, specifying Mile Oak Rd, Paget, and the Bentley as frozen assets.
  • Order against Ms Drewett discharged ab initio; no fresh order made against her.