ICICI Bank UK Plc v Diminco NV (Rev 1) [2014] EWHC 3124 (Comm) (28 August 2014)

ICICI Bank UK Plc v Diminco NV (Rev 1) [2014] EWHC 3124 (Comm) (28 August 2014)

The English court will grant a freezing order and ancillary disclosure only in respect of assets within England and Wales where there is evidence of such assets and a real risk of dissipation, but will not grant worldwide disclosure or freezing orders against a foreign defendant with no presence or assets in the jurisdiction, as there is no real connecting link or practical enforceability.

Citation
[2014] EWHC 3124 (Comm)
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 Disclosure in Aid of Foreign Proceedings / Return Date Hearing on Interim Relief
Outcome
Application granted in part; freezing order and disclosure limited to assets within England and Wales; application for worldwide disclosure refused.
Legal Topics
Freezing Orders, Asset Disclosure, Section 25 Civil Jurisdiction and Judgments Act 1982, Jurisdiction in Aid of Foreign Proceedings, Enforcement of Foreign Judgments
Civil Procedure International Law Banking Law Freezing Orders Asset Disclosure Section 25 Civil Jurisdiction and Judgments Act 1982 Jurisdiction in Aid of Foreign Proceedings Enforcement of Foreign Judgments

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Parties

ICICI Bank UK plc

Claimant

Diminco NV

Defendant

Procedural Posture

Application for Freezing Order and Disclosure in Aid of Foreign Proceedings / Return Date Hearing on Interim Relief

Legal Issues

  1. 1 Whether the English court should grant a freezing order over assets in England and Wales in support of Belgian proceedings under section 25 of the Civil Jurisdiction and Judgments Act 1982
  2. 2 Whether the court should order disclosure of assets worldwide, including outside England and Wales, against a foreign defendant with no presence in the jurisdiction

Ratio Decidendi

The English court will grant a freezing order and ancillary disclosure only in respect of assets within England and Wales where there is evidence of such assets and a real risk of dissipation, but will not grant worldwide disclosure or freezing orders against a foreign defendant with no presence or assets in the jurisdiction, as there is no real connecting link or practical enforceability.

Court Disposition

Application granted in part; freezing order and disclosure limited to assets within England and Wales; application for worldwide disclosure refused.

Orders

  • Freezing order granted over Defendant's assets within England and Wales.
  • Defendant to disclose on affidavit all assets within England and Wales exceeding £10,000 in value.