ICICI Bank UK Plc v Diminco NV (Rev 1)

ICICI Bank UK Plc v Diminco NV (Rev 1)

The English court granted a domestic freezing order and asset disclosure over assets in England and Wales, finding evidence of risk of dissipation and assets within the jurisdiction, but refused worldwide asset disclosure as inexpedient due to lack of jurisdiction and enforceability over a foreign defendant with no presence in England.

Parties
Claimant: ICICI Bank UK plc; Defendant: Diminco NV
Jurisdiction
England and Wales
Judgment Date
28 August 2014
Procedural Posture
Application for Freezing Order and Asset Disclosure / Return Date Hearing
Outcome
Domestic freezing order and asset disclosure granted; worldwide asset disclosure refused.
Legal Topics
Freezing Orders, Asset Disclosure, Jurisdiction, Interim Relief, Enforcement of Foreign Judgments
Civil Procedure International Commercial Law Freezing Orders Asset Disclosure Jurisdiction Interim Relief Enforcement of Foreign Judgments

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Parties

ICICI Bank UK plc

Claimant

Diminco NV

Defendant

Procedural Posture

Application for Freezing Order and Asset Disclosure / Return Date Hearing

Legal Issues

  1. 1 Whether the English court should grant a freezing order and asset disclosure in support of Belgian proceedings against a foreign defendant with assets in England and abroad
  2. 2 Whether there is a real risk of dissipation of assets by the defendant
  3. 3 Whether it is expedient for the English court to grant relief over assets outside its jurisdiction

Ratio Decidendi

The English court granted a domestic freezing order and asset disclosure over assets in England and Wales, finding evidence of risk of dissipation and assets within the jurisdiction, but refused worldwide asset disclosure as inexpedient due to lack of jurisdiction and enforceability over a foreign defendant with no presence in England.

Court Disposition

Domestic freezing order and asset disclosure granted; worldwide asset disclosure refused.

Orders

  • Freezing order over assets of the Defendant within England and Wales.
  • Disclosure of all current assets in England and Wales exceeding £10,000 in value.