Smith, Re (Ruling - Piggott condition) [2017] EWHC 3334 (Comm) (6 December 2017)

Smith, Re (Ruling - Piggott condition) [2017] EWHC 3334 (Comm) (6 December 2017)

Jurisdiction exists under section 37 and the 1988 Act to make orders over property subject to dispute as to whether it constitutes realisable property, and the court may direct that proceeds from realisation are retained pending resolution of such disputes.

Source-derived case information.

Citation
[2017] EWHC 3334 (Comm)
Parties
Subject: Gerald Smith; Applicant: Phoenix & Minardi; Respondent: Harbour II; Respondent: Joint Liquidators; Respondent: Stewarts Law; Respondent: SFO; Respondent: Receivers
Jurisdiction
England and Wales
Judgment Date
06 December 2017
Procedural Posture
Application for Receivership and Asset Preservation / Ruling on Jurisdiction and Interpretation of Statutory Provisions
Outcome
Jurisdiction affirmed; court may make orders for retention of proceeds pending dispute resolution.
Legal Topics
Confiscation Order, Realisable Property, Receivership, Statutory Interpretation
Criminal Law Asset Recovery Commercial Law Confiscation Order Realisable Property Receivership Statutory Interpretation

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Parties

Gerald Smith

Subject

Phoenix & Minardi

Applicant

Harbour II

Respondent

Joint Liquidators

Respondent

Stewarts Law

Respondent

SFO

Respondent

Receivers

Respondent

Procedural Posture

Application for Receivership and Asset Preservation / Ruling on Jurisdiction and Interpretation of Statutory Provisions

Legal Issues

  1. 1 Whether the court has jurisdiction under section 37 and the 1988 Act to make orders over disputed property
  2. 2 Interpretation of 'realisable property' under sections 77, 80, and 81(1) of the 1988 Act

Ratio Decidendi

Jurisdiction exists under section 37 and the 1988 Act to make orders over property subject to dispute as to whether it constitutes realisable property, and the court may direct that proceeds from realisation are retained pending resolution of such disputes.

Court Disposition

Jurisdiction affirmed; court may make orders for retention of proceeds pending dispute resolution.

Orders

  • Enforcement receivers may retain proceeds from realisation in a separate account pending resolution of whether property is realisable.