FSA v De Dietrich [2011] NICh 11 (13 June 2011)

FSA v De Dietrich [2011] NICh 11 (13 June 2011)

Defendants failed to show they have no other funds unconnected with the scheme and honestly obtained; therefore, they do not satisfy the first stage of the test for release of funds for legal costs and the application is refused.

Citation
[2011] NICh 11
Parties
Applicant: FSA; Respondent: Forsythe De Dietrich; Respondent: ETIC Solutions Limited
Jurisdiction
Northern Ireland
Judgment Date
13 June 2011
Procedural Posture
Injunction Variation Application / Hearing of Summons to Vary Injunction Order
Outcome
Application refused
Legal Topics
Injunctions, Legal Costs, Asset Freezing, Contempt of Court
Civil Procedure Financial Regulation Insolvency Injunctions Legal Costs Asset Freezing Contempt of Court

Case Brief

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Parties

FSA

Applicant

Forsythe De Dietrich

Respondent

ETIC Solutions Limited

Respondent

Procedural Posture

Injunction Variation Application / Hearing of Summons to Vary Injunction Order

Legal Issues

  1. 1 Whether defendants can recover legal costs from frozen funds subject to injunction
  2. 2 Whether defendants have satisfied the two-stage test for release of funds for legal expenses

Ratio Decidendi

Defendants failed to show they have no other funds unconnected with the scheme and honestly obtained; therefore, they do not satisfy the first stage of the test for release of funds for legal costs and the application is refused.

Court Disposition

Application refused

Orders

  • Summons to vary injunction refused
  • No release of funds for defendants' legal costs from frozen accounts