Civil team leader, James Bogle, succeeded in obtaining freezing orders for a China-based multinational company operating in the financial derivatives market

Civil team leader, James Bogle, succeeded in obtaining freezing orders for a China-based multinational company operating in the financial derivatives market
May 12, 2017

Acting for the Claimant company in applying without notice for worldwide freezing orders against the defendants and injunctive relief in support of arbitration proceedings, the proceedings were then settled on terms favourable to the Claimants. The Claimant was a Hong Kong company involved in a joint venture to provide online services to customers accessing a trading programme over the internet taking a position in stocks, currencies or commodities. Trading took place through the second defendant’s companies and the joint venture agreement provided that he and his companies were to be jointly and severally liable to make and effect the payment of “trading profit” to be “absolute and unconditional, free standing and autonomous of all other rights and obligations whatsoever”. The joint venture agreement provided for English law and exclusive jurisdiction. The claimant sought a worldwide freezing injunction up to £40 million and interim relief under the Arbitration Act 1996 s.44 in support of arbitration proceedings. The order was granted and, thereafter, the Defendants settled the underlying claim after lengthy negotiations.

Ikon International (HK) Holdings Public Co Ltd v Ikon Finance Ltd and ors. High Court (QB Commercial Ct) [2015] EWHC 3088 (Comm) (Andrew Smith J): Civil procedure. Applications without notice. Arbitral proceedings. Dissipation of assets. Freezing injunctions. Joint venture agreements. Urgent applications. The claimant company applied without notice for worldwide freezing orders against the defendants and injunctive relief in support of arbitration proceedings.

 

 

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