Freezing Assets The mechanics behind cross-border

Virtual Round Table Series Disputes Working Group 2019 Virtual Series | Freezing Assets

irglobal.com | page 3 Freezing Assets The mechanics behind cross-border injunctions

Many modern organisations, regardless of size, treatment and may be subject to specialised tion on Execution of Preventive Measures, make own assets in multiple locations across the legislation, such as the Mareva Order it more likely that domestic courts will recognise world. The advent of technology, together with (MIO), which compels a bank to immediately foreign judgments. accessible international markets, means dealing freeze those accounts. If the process of securing multiple cross-border with clients across borders is easier than ever If the debt in dispute is large enough, it may be injunctions via the civil law courts is proving too before. As a result of this trend, businesses may necessary for a creditor to require injunctions to challenging, a creditor may attempt to turn to have money in foreign bank accounts, stock be brought on multiple assets in multiple loca- the criminal courts. If the actions of a debtor in foreign warehouses, or significant tangible tions, which is incredibly complex without the are proven to be criminal (e.g. fraudulent), the assets such as offices, vehicles or land. correct legal advice in each location. Any delay greater powers of law enforcement agencies In the event of a commercial dispute with one of to the process, or erroneous filing, could delay can be put to work. Dovetailing with a criminal those companies, a creditor may find it neces- the process to the extent that assets are no investigation can be a powerful way to reach the sary to freeze some of those assets, in order longer discoverable and, therefore, an injunction intended goal for a creditor. to satisfy a monetary claim against the debtor. is unenforceable. This feature examines the injunction process The cross-border injunctions required to do Any unjustified attempt to freeze assets, will from the perspective of 10 legal experts in the this are notoriously difficult to execute effec- also incur compensation, meaning that not only area of commercial dispute resolution. They tively, due to the intricacies of the various local does the legal process need to be quick, it also detail the process in their jurisdiction, looking at laws of countries in which assets are located. needs to be accurate. To that end, any tools that the injunctions available and the tools used to Extra complexity is added, because of the need can aid discovery of assets are very useful. aid discovery of assets. for accurate discovery, alongside secrecy and The European Union has something called We include expert examination from Austria, speed of execution, in order to prevent a debtor the European Account Preservation Order, Germany, The Netherlands, USA, United dispersing those assets. which allows creditors to freeze debtor bank Kingdom, Cayman Islands, Turkey, Spain, Turks Injunctions are dealt with differently depending accounts in any EU member state. They are & Caicos Islands and the Dominican Republic. on the asset. Real estate assets are often subject useful because they can be processed without Readers with an interest in a particular jurisdic- to specific requirements, such as presenting a the debtor’s awareness. Elsewhere Anton Pillar tion can dip into the content for the specifics court order granting an embargo before the offi- Orders and Norwich Pharmacal Orders are they require. cial register of deeds. This effectively creates a particularly useful in offshore jurisdictions. They lien on the property in question. More mobile allow for the seizure of documentation and the assets, such as vehicles, are easier to hide and forced divulgence of beneficial ownership by are usually dealt with by a court officer, who may third parties, such as banks or internet service be able to physically transfer the assets into the providers, that hold assets for anonymous hands of a guardian. Highly liquid assets, such clients. Networks of treaties between certain as cash in bank accounts, often require special countries, such as the Inter-American Conven-

The View from IR

Ross Nicholls Each discussion features just one representative Business Development Director per jurisdiction, with the subject matter chosen Our Virtual Series publications bring together a by the steering committee of the relevant working number of the network’s members to discuss a group. The goal is to provide insight into chal- different practice area-related topic. The partic- lenges and opportunities identified by specialist ipants share their expertise and offer a unique practitioners. perspective from the jurisdiction they operate in. We firmly believe the power of a global network This initiative highlights the emphasis we place on comes from sharing ideas and expertise, enabling collaboration within the IR Global community and our members to better serve their clients’ interna- the need for effective knowledge sharing. tional needs. irglobal.com | page 3 Virtual Series | Freezing Assets

SPAIN NETHERLANDS AUSTRIA Roger Canals John Wolfs Dr. Klaus Oblin Partner, Arco Abogados Managing Director, Wolfs Partner, OBLIN Rechtsanwälte

 34 934 871 020 Advocaten GmbH  [email protected]  31 433561570  43 1 505 37 05 Roger has more than 15 years’ experience as  [email protected][email protected] a lawyer. He has developed his career in top John Wolfs, is a thoroughbred entrepreneur and Klaus Oblin specialises in commercial and civil Spanish law firms, providing legal advice to both founder of Wolfs Advocaten. He has worked law-related disputes. He also acts as counsel and Spanish and International companies operating as an attorney for 26 years, initially for leading arbitrator in arbitrations under the rules of bodies in a wide range of areas such as life sciences, firms in Washington DC and Rotterdam, before such as the International Chamber of Commerce retailing, construction, real estate, engineering, founding Wolfs Advocaten in Maastricht 16 years (ICC), the International Arbitral Centre of the chemical industries, automotive and pharma. ago. Austrian Federal Economic Chamber (VIAC), His command of English, French and Italian, Swiss Rules and UNCITRAL. The strategic geographical situation of the city along with Spanish and Catalan, has allowed him of Maastricht as well as his Maastricht roots, He regularly provides advice with regard to to build up a substantial international practice, brought him back to the city. various matters of commercial, contract and managing relevant international clients' interests construction law and the establishment of busi- in Spain, including ongoing legal advice and / John is well known for his creativity, specialist nesses. or managing of court cases and restructuring (sector) knowledge and the top quality service processes on their behalf. he provides. He is direct, proactive, construc- Klaus established OBLIN Rechtsanwaelte in tive and able to analyse situations quickly. He is 2004 and before that he worked for Freshfields also pragmatic. John Wolfs often lectures in the Bruckhaus Deringer and Vienna McDougal Love field of (international) transport and customs law, Eckis Smith & Boehmer. (international) commercial law and insurance law. He is a member of the ICC, International Centre In his private time, John enjoys playing squash for Dispute Resolution (ICDR) Austrian Arbitration and running. He has completed marathons in Association (ArbAut), German Institution of Arbi- New York, San Francisco and Amsterdam. tration (DIS) and the International Bar Associa- tion (IBA).

irglobal.com | page 5 ENGLAND TURKS & CAICOS ISLANDS U.S - OHIO Frankie Tierney Stephen Wilson, QC Chris Niekamp Partner, Herrington Carmichael Partner, Graham Thompson Partner, Niekamp Weisensell

 44 1276 686 222  1 649 339 4130 Mutersbaugh & Mastrantonio,  frankie.tierney@herrington-carmichael.  [email protected] LLP com Stephen heads the Litigation & Dispute Reso-  1 234 571 0485 Frankie specialises in commercial and complex lution practice group in the Turks and Caicos  [email protected] litigation for both businesses and individuals. Islands (TCI) office. He has appeared in many of the TCI’s recent headline cases involving disputes Chris engages in a diverse Commercial and This includes contract disputes, property owner- in the tourism and hospitality, banking, real estate, Corporate Law practice. ship disputes, commercial landlord and tenant insurance and construction/building sectors. disputes. She also handles intellectual property He has represented national and local banking disputes, professional negligence claims, share- In addition to litigation and dispute resolu- institutions, large corporations and small busi- holder disputes and ‘unfair prejudice’ claims in tion, Stephen works on admiralty and shipping, nesses, debtors and creditors in all phases of the company courts. banking and finance, corporate and commercial, Bankruptcy and Collection matters. intellectual property, employment and labour and In a recent case, Frankie acted successfully for Chris has experience handling large and small property and development matters with members a high end hotel & leisure group in a breach of Chapter 11 cases on behalf of Secured Lenders, of his office and with attorneys at the firm’s other contract/ negligence claim against a leading Debtors, the Creditors’ Committee and the offices. provider which had supplied and installed a Trustee. He has represented numerous large and specialist WiFi cordless telephone system without Stephen is sought after in TCI for his exper- small companies in issues ranging from start proper security measures being applied. This tise with complex corporate and commercial up through dissolution, employment law issues, resulted in the client’s system being hacked and disputes. He has worked on multi-jurisdictional collection, real estate litigation, real estate acqui- significant sums incurred in phone charges. claims, multi-party actions, contract breaches, sition, commercial lease documentation, mergers and insolvencies and liquidations involving local and acquisitions, and shareholder disputes. Frankie serves as immediate past president and international parties. He has many years of of the Surrey Chamber of Commerce and is a He has experience handling commercial and experience with debt recovery, enforcement of keen hockey player. She is also heavily involved residential foreclosures and has negotiated and security and judgments, taxation of costs, and in hockey administration at county and regional prepared documents for corporate mergers and receivership appointments. He has assisted level. She plays golf, and also enjoys hill walking, acquisitions, real estate transactions, wind down, clients with shareholder disputes, board room reading, and. most importantly, chocolate. forbearance agreements, condominium docu- power struggles, and corporate reorganisations ments, commercial leases, non-profit 501 (c) and restructurings. (3) documents, employment agreements, share- holder agreements, buy sell agreements and close corporation agreements.

In addition to his Bankruptcy and Corporate Law experience, Chris has a niche practice in Enter- tainment Law.

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DOMINICAN REPUBLIC GERMANY Pablo González Dr. Jana Schott Tapia Partner, AQUAN Rechtsanwälte  49 211 9726 5410 Founding Partner, GONZÁLEZ  [email protected]

TAPIA ABOGADOS Jana is one of the founding partners at AQUAN  1 809 475 8860 Rechtsanwälte. Prior to joining the firm, she spent  [email protected] two years as an attorney at law in a team run by Urs Breitsprecher. González Tapia is managing partner at Gonzalez Tapia Abogados in the Dominican Republic. Jana obtained her first state exam at the Univer- sity of Münster, Germany in 2011 and her second He began his practice at the firm Messina & state exam at the higher regional court of Düssel- Messina (currently Biaggi & Messina), as Asso- dorf in 2016. She received her Doctorate in Law ciate Attorney. Later in his career he became (Dr. jur.) in 2015 at the University of Münster, after partner of the firm. In 2009, he decided, along she completed five years of working experience with a team of prepared and recognised profes- as a research assistant at the Centre for Euro- sionals, to found the firm González & Coiscou. pean Private Law at the University of Münster. After acquiring vast practical experience in Jana began practicing law as a qualified Attorney management and administration, he decided at Law (Rechtsanwältin) in 2016. to embark on his next business undertaking in 2014, opening his own law firm - Gonzalez Tapia She has significant international experience, Abogados. working on a range of cross-border M&A transac- tions. Further to this, she has spent considerable He has more than 23 years of experience in the periods abroad, completing research studies in practice of Litigation and Corporate and Business Paris, France for her doctoral thesis and a legal Law, representing several clients in major court clerkship in Iceland at the German Embassy. and arbitration cases as well as in international negotiations. Her legal expertise is focused on company law, M&A, trade law, litigation and contract and she González took joint responsibility for the negotia- represents clients in Germany and beyond. These tion team in the privatisation of five international clients range from family-owned businesses, airports in the Dominican Republic and was the through to private equity firms and start-ups. lead attorney in the multimillionaire litigation of a Swiss corporation, well-known in the Dominican Republic and other foreign jurisdictions as Spain, Panama and the United States

irglobal.com | page 7 CAYMAN ISLANDS TURKEY Cherry Bridges Cemil Baha Partner, Ritch & Conolly Partner, ÖZALP

 1 345 949 7366  90 212 327 7734  [email protected][email protected]

Cherry Bridges is a Barrister-at-Law and Attor- Cemil founded his own law firm. Ozalp, in 2012. ney-at-Law and the Partner in charge of the Liti- He provides a large variety of services for Middle- gation Department at Ritch & Conolly. Cherry was Eastern and European investors, including educated in England but has lived in Malaysia, consultation for companies and individuals alike, Sarawak, Hong Kong and the Cayman Islands. in both international and local disputes.

Upon completion of her Law Degree and Bar The Ozalp legal team is experienced in corpo- Finals, she was called to the Bar of England and rate and commercial disputes, M&A, litigation, Wales in 1982 and completed her pupillage at bankruptcy, debt collection, debt settlement, debt 1 Essex Court, Temple, London and at Temple acquisition, debt management, transportation, Chambers, Hong Kong. finance, energy, construction and public procure- ment. The firm also has experts readily available She was called to the Bar of Hong Kong in 1983 who work exclusively in the fields of criminal law and worked as a Barrister-at-Law in private prac- and tax law. tice at Temple Chambers, Hong Kong from 1983 to 1986 before she relocated to the Cayman Ozalp is also a pro bono lawyer for the Trust Islands and was admitted as an attorney-at-law in Law Organization, which is the Thomson Reuters the Cayman Islands in 1987. Foundation’s global pro bono legal programme.

She has 34 years’ experience acting in a wide range of civil commercial litigation with particular expertise in litigation relating to trusts, insurance, commercial disputes, actions, enforce- ment of judgments, companies and liquidations of banks, hedge funds and private companies.

She has acted in numerous and significant cross border matters for clients from all over the world, including the United States of America, Canada, Mexico, the Dominican Republic, Uruguay, the United Kingdom, France, Germany, Switzerland, Spain, Russia, Norway, Hong Kong and Singa- pore.

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SESSION ONE – INJUNCTIONS What injunctions are available in your jurisdiction in order to freeze assets. What is the legal process for enforcement and what expertise is required?

Dominican Republic - Pablo Gonzalez do also have a special kind of injunction money is in a bank account, it is possible to Tapia (PGT) In the Dominican Republic, in or embargo, which only requires proof of arrange for a third party conservatory arrest, general terms, is a procedure the credit, i.e., an invoice or contract clearly administered by the bank. that you have to undertake before a judge, showing you are owed money. With that Implementing a conservatory arrest, means usually the Chief Justice of the First Instance document, a creditor is entitled to go to every that it is not possible for the debtor to do Court of the jurisdiction where the assets are bank in the Dominican Republic, or to any anything with those assets. As an example, placed. Creditor has to show that the credit person that owes money to your debtor and a conservatory arrest on a house means that is in danger of collection, or that the debtor freeze that money in the debtor’s hands. the house cannot be sold, unless the one has been hesitant to pay. It is also useful to Once you have frozen the assets, you are who seeks the conservatory arrest approves. demonstrate that there is a danger the debtor required to appoint the normal Court, in could dissipate the assets. The presentation This might happen if security is provided by order to validate the procedure. You have is usually done ex-parte, meaning that the the debtor, for 130 per cent of the claim. The to present your case before the judge within other side doesn’t know that creditor is extra 30 per cent is used to cover interest, either 10 days or 60 days, based on the type looking for an injunction. judicial costs and so on, because it may of embargo that you have placed. The judge take a year or more before a proceeding has If creditor manages to prove the case, the will rule the case on its merits, but the assets ended. embargo order is provided and with that order remain frozen throughout the procedure. creditor is entitled to freeze. Usually, a creditor The bailiff is the executor of the conservatory If a debtor wants to release the assets, they would ask the judge to freeze not only mobile arrest and can execute this with third parties, would be required to post a bond in order to assets but also real estate assets. or at the real estate registry, from that moment take back control. the conservatory arrest is in place. Once a Real estate assets are frozen under a Netherlands - John Wolfs (JW) The judgment is obtained, the conservatory arrest so-called ‘judicial mortgage’. That's distinct Netherlands, together with Belgium, has a changes into an executionary arrest. from a normal embargo, which is usually very particular position within the European applied to mobile assets and bank accounts. Ohio - Chris Niekamp (CN) In Ohio, as in Union. Presenting the judicial mortgage order before other states, you can file for a temporary the register of deeds, means you can put a This is because, it is not only possible to restraining order and a preliminary injunction lien on the real estate properties. arrange for an asset arrest after having at the outset of your case. obtained a judgment, but it's also possible With regard to mobile assets, a creditor Generally, if you are seeking to enjoin a to arrange for a so-called conservatory would have two options, at the moment person or a bank, you would name that arrest. This means that assets can be frozen of the embargo. Firstly, you can leave the party to the and get some sort of from the moment that one intends to start a mobile assets in the hands of the debtor, service over that party. You can attempt to proceeding, even before the proceeding has without transporting them to another location. walk through the motion and do it ex-parte begun. The court officer conducting the embargo with the judge if there is some injury to be would just go to the place where they are, It is, however, obligatory to start a proceeding had, or if you are concerned that assets will and either leave them in the hands of the within one month at the latest, in order to be transferred fraudulently. In that instance, debtor or appoint a guardian of those assets. obtain permission to arrange a conservatory you can put forth a case that there is a real Sometimes a creditor is entitled to move the arrest. You need to go to the President of the emergency. asset, which is very rare in practice, because District Court and explain the claim you have The judge will usually require some kind of the law commands that if the assets remain against the opponents. You are also required notice to the other side, so as not to surprise in the hands of the debtor or the guardian, to name the assets, or possible assets, to be them, especially if you've been communicating they are legally responsible for the safety of included in the conservatory arrest. with them. If the circumstances are right, and those assets. Those assets can include real estate, shares, you can show irreparable harm and likelihood Another option is to freeze the debtor’s bank claims on third parties (debtors) cars, of success on the merits, then the judge may accounts. This can be done with a judicial computers, TVs, jewellery and money. If the grant a temporary restraining order. order, but in the Dominican Republic we

irglobal.com | page 9 The Court will generally set the matter for Finally, if the asset that is owned by the • if there is a concern about loss or a a hearing within 10 days to consider a defendant, is a ship, we can arrest the vessel serious damage, in the event that the preliminary injunction, which is a little more if it's in Turks and Caicos Islands’ waters. decision is not taken, because of the lasting until you get to trial. At that point you delay Cayman Islands - Cherry Bridges (CB) can attempt to freeze assets until you have a The Cayman Courts have a wide discretion • If the borrower does not have a spe- trial on the merits. to grant Mareva Injunction Orders (MIOs), in cific residence Another tactic that we use in Ohio is the order to prevent assets from being disposed • If the borrower prepares to hide or to appointment of a receiver. Sometimes we of within a jurisdiction, removed from a smuggle his/her property or if s/he go in and seek an emergency motion to jurisdiction, or otherwise dealt with either in escapes or if s/he makes fraudulent appoint a receiver over a company that is the Cayman Islands, or worldwide. They can transactions that violate the rights of in the process of liquidating assets, so that be free standing injunctions in support of the creditor in order to not fulfil the the receiver can take control of the assets foreign legal proceedings (where there are no commitment and collect any assets for the benefit of the extant proceedings in the Cayman Islands). creditor. The party applying for the MIO (the plaintiff) A decision for the injunction may be ordered may apply for it at any stage of a case, by the court. It may be decided that the I do this regularly on behalf of banks. without notice, including before proceedings movant may deposit collateral to meet the Turks & Caicos Islands - Stephen Wilson, have been issued, if urgent. potential losses of the third party. It is usually QC (SW) The Turks and Caicos Islands, at the discretion of this court; the general Since MIOs are usually made ex-parte (without perhaps not surprisingly as a British overseas rate is approved at rates ranging from 10 notice) the plaintiff must give full and frank territory, very much follows the law in England per cent to 20 per cent of the value of the disclosure of all material facts and matters and Wales. dispute. The amount of the guarantee may in the affidavit evidence on the ex-parte vary depending on whether the measure is In terms of orders available to freeze assets, application. Failure to do so, will result in the changed or removed. If the request is based there is the classic Mareva Injunction, or discharge of the MIO at the stage of the inter on an official document, further evidence or freezing order as they tend to be called these partes hearing, if contested. The court usually other circumstances, the court may decide days. requires the plaintiff to give an undertaking to not to receive a guarantee, provided that it pay to the counterparty who may That's usually an application made ex-parte, clearly indicates its justification. later be found to have suffered an unjustifiable without any notice, in order to secure assets loss, if it is subsequently determined that the The provisional injunctions decided without stopping them from being dissipated in order MIO should not have been granted in the first any explanation of the counter party can be to frustrate an eventual judgment. place. The Court may also require security to appealed. Unless otherwise decided, the Unlike the procedure Chris has just described fortify the undertaking as to damages and to objection shall not stop the execution of the in Ohio, there is no need in the Turks and meet the costs of third parties. decision. Caicos Islands to name banks or other third MIOs are usually personally served on the Turkey is a party to the United Nations parties who might be affected by the order, defendant. A breach of an MIO constitutes a Convention on Contracts for International Sale but the order would nevertheless be served civil contempt, punishable by a fine, seizure of Goods (CISG) and this contract does not on those institutions. of assets and/or imprisonment. Importantly, have exactly this kind of a measure. However, The Mareva injunction is thought of as a the MIO may apply to third parties (such as this situation does not prevent the provisional nuclear weapon, but in circumstances where a bank) which may also face sanctions for injunction and provisional attachment there is less likelihood of an immediate any breach. decisions made by the local court. dissipation of assets, such as when dealing To prevent the destruction of relevant In case there is a foreign country court with real estate, there's an ability to apply evidence, a plaintiff may also apply for an order, which is not yet to be completed the for what's called an Inhibition, which is then Anton Piller Order to search premises and recognition and enforcement procedure, registered on title and prevents the owner seize evidence without prior warning. even that order can be subject to the same of real estate from transferring it without the conditions as mentioned above. Court's approval. Turkey - Cemil Baha (CEB) In Turkey, the preventive legal actions are divided into two Austria - Klaus Oblin (KO) The main There are also orders allowing for the types as a quick and effective solution which precondition for a party to ask the court preservation of property that is the subject are provisional injunction and provisional for an injunction under Austrian law is that matter of a dispute. In those cases, in which attachment. it can demonstrate that the enforcement a winding up order might be made, we have of specific claims would be endangered something similar to what Chris described as In general, if the claimant is in a position as if no interim measure was granted. When the appointment of a receiver. follows; assessing the presence of endangerment, In such a case, we would seek the appoint- • If action is not taken, the acquisition of judges consider the behaviour and recent ment of the provisional liquidator, who the right would be become substan- actions of the debtor as well as any specific circumstances of the case at hand. would hold the ring and protect the assets tially difficult or completely impossible of the company that was the subject of a winding up petition.

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Preliminary injunctions may be granted for securing pecuniary and non-pecuniary claims as well as disputed legal relations. The possible interim measures granted are stipulated by law and comprise judicial custody of physical assets, forced administration of real estates or prohibition of the sale or attachment of assets

Preliminary injunctions are granted or dismissed in expedited proceedings. The court may even refrain from hearing the opposing party, if the purpose of the preliminary measure was otherwise impeded. In practice, courts often allow opponent to submit a written statement, but set a very tight deadline. A lower standard of proof applies, so that parties only have to present plausible proof for their allegations.

Spain - Roger Canals (RC) Our system regarding interim measures is similar to The Netherlands or Belgium. We have a system of conservatory arrests when you submit a claim to a court. If we are claiming for an amount of money, you are entitled to at least try an interim measure ending in a conservatory arrest. Any assets you include will be frozen until the procedure is ended, if it is successful

In general terms, Spanish courts are reluctant to recognise or grant these kind of measures, unless you can prove a very strong claim against a debtor. Often, such interim measures are refused when demanded, because the court prefers to convene the parties in a hearing where the issue will be discussed. The award is more likely, after review, if you show a clear right.

The other route arises from enforcement of foreign court judgments. The first thing to do with a foreign court judgment is to go through a recognition process within the Spanish court. If the court has recognised the foreign judgment, then you can seize the assets of the debtor if they are located in Spain. The Spanish government has a good system of public information regarding the seizure of assets. The court issues a general order to banks and real estate registers to locate the assets, then once you have the foreign judgment, you can seize the assets easily.

Germany - Jana Schott (JS) In German law there are several preliminary injunctions at one’s disposal in order to secure claims, even before main proceedings may be started or completed.

Firstly, there is the preliminary proceeding in accordance to Sec. 916 et seq. ZPO (German Civil Procedure Code) which literally translates to ‘arrest’ or ‘seizure’. It is admissible when securing the enforcement of a monetary claim or a claim that may be converted into a monetary claim. The request must be submitted at the local court that also covers the main proceeding regarding the claim. The request should contain the title of the claim stating the amount of money or the monetary value and name the reason for the proceeding.

Secondly, there is the preliminary proceeding in accord- ance with Sec. 935 et seq. ZPO. This injunction aims at safeguarding individual claims that are not currently directed at money. The injunction is also admissible for

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Dr. Jana Schott pictured at the 2018 IR Annual Conference in London the purpose of regulating a condition in being dissipated or removed from the Securing the seizure of assets that are relation to a disputed legal relationship. reach of the court. If there are no court mobile; e.g. a ship or airplane; to ensure Under certain circumstances, the court proceedings already underway; you have to they are not moved out of the jurisdiction; may issue a performance order. This order start them at the same time. You therefore also involves specialist court applications. is an exception to the principle in German prepare the court documents as you would U.S - Ohio - CN Just one additional thought. law, that claims should be secured first normally, but include an application for a I have real concerns about cryptocurrency before issuing any performance orders, as freezing injunction which is backed up by a and the use of Bitcoins, as debtors are this order already provides a performance witness statement. That has to set out what finding ways to elude the banking system. I benefit. The performance order is thus an information you have obtained about the was interested to know if any members have exception concerning interim proceedings assets held by the other party; the value of dealt with that issue and whether they’ve because it already includes what would the claim you are bringing and demonstrate had any success with debtors that are otherwise be received through the main why you say there is a high risk that once transacting business with cryptocurrencies. proceeding. the other party becomes aware of the court proceedings; assets will be disposed of. Netherlands - JW Yes, I've been requested Judgments in main proceedings that are on behalf of a foreign client to research the performance-oriented may be declared If the injunction is granted; notice is given possibilities of setting up a company dealing provisionally enforceable by the court in by you to the banks where you know the in cryptocurrencies. accordance with Sec. 709 ZPO against the other party holds accounts so that they deposit of a security. If a monetary claim is can freeze access to them. This is normally We work together closely with one of the top to be enforced through the judgement, it done just before the court documents are law firms in The Netherlands, and even they is sufficient if the amount of the security is served on the other party. This all has to be are very reluctant to offer advice. So what stated in a certain proportion to the amount done literally within hours of the injunction one sees, is that, here in The Netherlands, it of the enforced monetary claim. This offers being granted. The injunction forbids the is quite difficult to not only obtain advice, but the possibility of enforcing a judgment other party from disposing of any assets also to arrest and attach cryptocurrencies. which is not yet legally binding because of (e.g. property, stocks, share cash etc) and possible appeals. requires them to provide you with full details of the assets they have and to provide bank Enforcement, in the case of refusal of statements etc. performance by the debtor after a judgment, or foreclosure is in general dependent on Breaching a freezing injunction, or assisting three conditions: the title (e.g. the judgment, someone to breach it, is a contempt of order or ruling), the clause (an enforceable court and can result in a prison sentence. duplicate of the title) and the delivery of the Because of the impact such orders have aforementioned to the debtor (the debtor on businesses and individuals, a high court must know about the title in order to take judge will only grant them in very serious counter measures). The court bailiff may cases. then visit the debtor and seize and secure More limited injunctions can be obtained if assets. you just want to prevent the disposal of a A judicial officer may also issue an particular asset that is the subject of a court attachment and transfer order (so called claim. “Pfändungs- und Überweisungsbeschluss”) There is an Injunction process by which the at the creditor's request according to Sec. high court will authorise a party to enter the 829 ZPO that effectively leads to the premises of another to search and seize garnishment of the bank account. Even property. These are highly specialised before this attachment is made there is orders made only in exceptional cases the possibility of advance attachment in and are subject to strict rules. They are accordance with Sec. 845 ZPO. mainly restricted to situations whereby data/ England - Frankie Tierney (FT) The information/pirated or bootlegged products process utilised in the civil courts differs will potentially be destroyed if prior warning in Scotland and Northern Ireland so it of a claim is given. is important to recognise there is not a The sting in the tail is that a condition of standard UK-wide court system – albeit the getting an injunction is that undertakings legal principles on which they operate are (legally binding promises) must be given to pretty much the same. the court by the party seeking the injunction. A civil freezing injunction is dealt with in the This means that if you lose the primary High Court and can be applied for without case, or the court later finds the injunction having to give any notice to the other party. has caused loss, you will be ordered to pay It is not given lightly; so you generally have compensation. to show that there is a real risk of assets

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IR Annual Conference 2017 in Berlin SESSION TWO - TREATIES AND DISCOVERY What tools or treaties exist to aid discovery of assets, the successful granting of orders and recovery?

Netherlands - JW Well, if we examine In order to tackle such behaviour, the If you know what assets are held by the treaties, we must, of course, refer to the Spanish government passed a modifica- debtor there are various means by which European Union Treaty in which there is a tion to the those particular assets can be seized – e.g. free exchange of judgments between the bank accounts, vehicles, etc. criminal code in 2015, by which the felony member states. for concealment of assets was consider- Property (buildings/land) can be made This free exchange between the member ably tightened. subject to a charging order for the value states makes it much easier to execute a of the debt, but such orders sit behind Austria - KO As of 18 January 2017, credi- possible favourable judgment against an any mortgages/charges already registered tors domiciled within the EU can also apply opponent. Most people in the EU are aware against the title. If the debt is significant it is for a European Account Preservation Order of the regulation EU number 655 2014, also possible to then upgrade the charging (EAPO) in order to secure claims. This applicable from January 18 2017, and order by applying for an order for sale. interim measure is available before and providing for a European account preser- after proceedings have been initiated or If you don’t know what the debtor has vation order. a judgment has been granted. The EAPO by way of assets, an application can be It lets a court in one EU country freeze is directed at the seizure of bank accounts made for the debtor to attend the court funds in the bank account of a debtor in within the EU and is available for all kinds and provide information about what assets another EU country. It is a procedure that of pecuniary claims including claims they have. The debtor gets two chances to may be used in cross-border cases, where relating to tort, delict and civil claims for attend the court and if they fail to appear, the court carrying out the procedure, or damages or that are based on the court will regard that as a contempt of the country of domicile of the creditor, are an act giving rise to criminal proceedings. court and order their arrest. They would be in different member states than the one in released once they had provided the infor- Generally, the opposing party is neither which the debtor account is maintained. mation. informed about the creditor’s applica- That makes it easier to recover debts, tion nor heard prior to the granting of the It is not, however, a particularly effective and acts as an alternative to existing legal EAPO. The claimant has to provide suffi- means of getting information, and if the procedures. cient evidence for the endangerment of the debtor drags out the process, it can be It does not apply in all EU countries, enforcement of the claim. If the creditor has months between making the application though, for instance Denmark and the UK. not yet obtained a judgment, the competent and the debtor finally attending court. court will have to decide within ten working Spain - RC When you are enforcing an EU Cayman Islands - CB The Cayman Islands days after the application has been filed. judgment in Spain, the procedure is pretty has a panoply of tools to aid in the discovery An EAPO issued in an EU Member State is straight forward. It could take just a month of assets. These include the Confidential automatically recognised in all other partic- to achieve an asset seizure. Information Disclosure Law, Anton Piller ipating EU Member States. Orders, Bankers’ Books Orders, Disclosure The important point here, is the fact that England - FT Foreign judgments (where Orders, Letters of Request, and pretrial the debtor is not aware of the enforce- there are reciprocal arrangements or trea- depositions. It goes beyond the scope ment procedure until he or she receive the ties in place) can be registered in the of this discussion to expand upon all of seizing order from the court. This means high court and once registered all the these, but some of the more important are there is literally no time to conceal any normal enforcement processes available described below. assets or to default the creditor. to a creditor can be used against assets The Confidential Information Disclosure Things change when you have to enforce a of the debtor held within the jurisdiction of Law, 2016, may be used as a shield to judgment outside the EU. In such a case, England & Wales. protect sources of confidential informa- you have to go through a process within the Separate registration would be needed to tion from legal action. The original version court in order to achieve the recognition of deal with assets in Scotland or Northern of this law provided that the trading and the foreign judgment. Then the first difficulty Ireland but the process is not that compli- misuse of confidential information was is to serve the procedure to the debtor. cated. (with various exceptions) a criminal offence It is awfully common that debtors are either if committed in the Cayman Islands, Enforcement of a judgment is not court led hidden or assets are concealed within or worldwide if it relates to Caymanian in the sense that it is for the judgment cred- the company under other names. If the subject matter. The new CIDL Law removed itor to make applications to use the enforce- debtor becomes aware of the enforcement this criminal offence for breach of confi- ment options. procedure, then the concealing behaviour dence, and expands the circumstances in increases. which disclosure can be made. It provides

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a clearer list of circumstances in which of a navigation of the ship, the prevention court, tribunal or other authority (whether disclosure is permitted and a list of author- of the transfer of real estate to the third within or without the Islands) of any confi- ities to which confidential information can persons, blocking bank accounts, the dential information within the meaning of be disclosed. suspension of transfer of copyrights. Part X, may before so doing apply to the Supreme Court for directions. Anton Piller orders are available in the In the case of a provisional attachment, Cayman Islands Orders to prevent the the creditor of a due pecuniary debt levies U.S - Ohio - CN There is no Federal destruction or dissipation of documents. the movable and immovable property and treaty to recognise foreign judgments, A plaintiff may obtain such an order receivables and other rights of the debtor so a foreign judgment would have to be pre-action and ex parte in exceptional into third-party custody. entered into state-by-state, based upon cases, and, if necessary, seize evidence the laws of recognition or Res Judicata. Because of the undue debts, the provi- in the defendant’s possession without sional attachment is only requested if the You have to basically file a new complaint warning. The test for obtaining such as borrower does not have a specific resi- and likely attach the judgment and show order is difficult to satisfy, and the party dence, or if the borrower prepares to hide that the issues already decided in the applying for the order must give undertak- or to smuggle their property, or if they foreign jurisdiction are subject to a fair and ings, inter alia, to provide damages if it is make fraudulent transactions that violate full trial. The court would determine under determined at a later date that the order the rights of the creditor. its laws whether to recognise those issues should not have been made. as already having been decided. The creditor is obliged to provide evidence Section 8 of the Evidence Law (2019 to the court that convinces them about the Another option might be arbitration, where Revision) allows a Cayman Islands court reasons for the debt and attachment. The the Federal court may recognise the arbi- to order that an applicant be permitted court is free to listen to both sides, and it tration award if it complied with the US to inspect and take copies of a ‘bankers’ is possible to appeal this decision. Federal Arbitration Act. book’. Norwich Pharmacal Orders are available against third parties before suit, If the creditor requesting a provisional Dominican Republic - PGT As far as the who are involved in arguable wrongdoing, attachment is wrong, they are liable for all Dominican Republic goes, we are party whether intentionally or otherwise. They damages and the collateral to be paid to to a convention called the Inter-American are applied for against registered agents the debtor and the third party. If there is Convention on Execution of Preventive holding details of the actual owners or ulti- only one court decision, no collateral is Measures. mate beneficial owners of the entities in required. This is an old treaty in place since 1979, question. Turks & Caicos Islands - SW We don't but it is seldom use in practice. Under Turkey - CEB In the context of legal have mutual recognition and enforcement the treaty, any party member is entitled to disputes, in Turkey, the tools are divided of judgments with anybody, including the make a request to the Dominican Republic into two types as a quick and effective UK, which means it's difficult to enforce to issue a temporary preventive measure. solution which are provisional injunction orders and judgments in the Turks and This treaty has the significance that it and provisional attachment. Caicos Islands, and vice versa. deals with foreign claims dealing with A decision for the injunction may be taken We do have a mutual legal assistance labour, civil and commercial matters. against the dispute in cases when the treaty with the US, which allows US The Dominican Republic has a very large protection of the rights of the claimant is authorities to approach the court here and numbers of treaties based on mutual obligatory, the judge may decide before obtain information and to freeze assets in traditional systems, but most of them the hearing. The requesting party has to this jurisdiction. This also enables us to have to do with persecution based on prove his/her rightness approximately. be able to obtain similar assistance from a criminal infringement. For civil, labour the US. and commercial matters, this is the only The provisional injunction on the basis of convention in place. the note is not affected by the allegation of With regard to banking secrecy laws falsity about the note and the note holder and the protection of confidential infor- We do have also banking secrecy laws, may request new measures to protect his/ mation generally, our Confidential Rela- but from the civil perspective, a creditor is her rights when necessary. tions Ordinance was such that we had not harmed by the banking secrecy laws; very tight confidentiality provisions which in other words, this is not an obstacle to The court may decide on any measure meant that in civil litigation it was very freeze bank accounts. Under our enforce- that would eliminate the drawback or difficult to obtain confidential information ment procedures, a creditor can place an prevent loss, such as protecting the goods including discovery from a bank regarding embargo with a bank, without knowing or rights subject to the measure, or safe- somebody’s bank account, unless that exactly whether the debtor has an account keeping or not doing something. person consented to the release of that with that bank. It would be the bank’s obli- The provisional injunction decision can information. Part X of the Companies gation, after the embargo is placed, to let take several forms such as the failure to Ordinance (Cap. 16.08) provides for a know the creditor whether the intended return the bank guarantee letters, failure to process whereby a person intending or debtor has any money in the bank. return the charge of the letter, the suspen- being required to give in evidence in, or sion of payment of receivables, the preven- in connection with, any proceeding being tion of delivery of goods, the suspension tried, inquired into or determined by any

irglobal.com | page 15 With regard to companies, we have the from custody. The term of the detention problem of piercing the corporate veil, may not exceed six months (Sec. 802j (1) because we recognise that the company ZPO). has a legal authority. In that case, in order Orders by courts outside of the EU may be to locate the assets of a debtor company, enforced if they have the same legal quality we will be required by the court to pierce as a German order, which requires an the corporate veil. There’s a lot of very exequatur proceeding. As an EU member, new legislation in the Dominican Republic, Germany profits from EU regulations and with very complicated procedures around treaties governing cross-border litigations. piercing the corporate veil. These regulations simplify the service of You would need to determine that there's documents and the enforcement of judg- a fraud, and that the debtor and is using ments. The EU regulation 655/2014, for different companies to conceal assets. example, intends to give creditors the Where location of assets is concerned, the possibility to ensure, even before main debtor will proceedings or at any stage of the litiga- tion, that a following court decision on the try to locate measures to seize the assets in main action may also be enforced. It allows the same place that the assets are located. a temporary attachment of an account of Germany - JS German law does not recog- an EU member without warning the debtor, nise asset tracing. However, the debtor's which is uncommon in German law. asset information is to be submitted to the bailiff within the framework of an enforce- ment carried out by the creditor against the debtor. This serves to provide the cred- itor with knowledge regarding the assets belonging to the debtor in order to be able to successfully enforce them.

In accordance with Sec. 802c et seq. ZPO, the creditor may entrust the court bailiff directly with the acceptance of asset information. This information may open up further enforcement possibilities for the creditor. If the debtor refuses to submit the asset information, or if he fulfils his obli- gation but the enforcement of the listed assets is unlikely to result in full satisfaction for the creditor, the court bailiff is author- ised pursuant to Sec. 802l ZPO to obtain further information about the debtor from third parties at the creditor's request.

The creditor may obtain information about the debtor's bank accounts from the Federal Central Tax Office, ask the statu- tory pension insurance institution for the debtor's employment relationships that are subject to social insurance contributions, or ask the Federal Motor Transport Authority about vehicles registered in the debt- or’s name. If the debtor does not attend the meeting to submit the asset informa- tion, without excuse or refuses to provide the information without a reason, the local court issues a detention order at the cred- itor's request (Sec. 802g ZPO). The arrest serves only to enforce the disclosure of the property information. After the information has been submitted, the debtor is released

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John Wolfs pictured at the 2019 IR 'Dealmakers' Conference in Rome SESSION THREE - CRIMINAL PROSECUTION What extra powers does a criminal prosecution provide in your jurisdiction, as opposed to a conventional civil procedure?

Turks & Caicos Islands - SW The crim- Now the test is whether you are reason- public prosecutor may confiscate business inal authorities here in the Turks & Caicos ably aware that your creditors are perse- documents and data carriers of the credit Islands have far wider powers than a natural cuting you in court and, in spite of this, you institution. person, or a party to civil litigation. Under conceal assets. This is a very big differ- Regarding monetary compensation, civil our Confidential Relations Ordinance and ence. proceedings will be faster. This is the case Part X of the Companies Ordinance, a Criminal courts in Spain can seize assets, in particular with the judicial dunning proce- police officer in the course of an investiga- if they have a clear perception that a fraud dure, if the debtor does not object to the tion of a criminal offence can obtain confi- has been committed. These measures can dunning notice or lodges an appeal against dential information that a party to litigation be adopted by criminal courts at any stage the enforcement order. is unable to obtain without applying to the of the criminal procedure, but usually they court. On the other hand, criminal proceedings are only adopted once the court has gone offer good opportunities for recognition Moreover, in terms of the freezing of assets, through a previous investigation on the (see above). the Proceeds of Crime Ordinance will concealment. It's very unusual for these provide a number of options to prosecuting kind of measures to be granted immedi- If criminal proceedings are already authorities. This includes restraint orders in ately when you file a complaint. pending, civil claims may be asserted in the course of the investigation of a criminal the same proceedings within the frame- Germany - JS Prosecution of crimes offense and in civil recovery proceedings, work of so-called “Adhäsionsverfahren” for regarding assets, e.g. fraud or breach of prosecuting authorities have the ability to reasons of procedural economy. trust, are mainly aimed at punitive meas- apply for a property freezing order. ures, rather than balancing the scales Turkey - CEB The movable, immovable, Police officers also have the ability to seize through enforcement via civil proceedings. rights and receivables of a person can be cash if they have suspicions regarding confiscated under Turkish law, in the case Banking secrecy may be disregarded in where it has come from, regardless of of strong suspicion based on concrete criminal procedures. The right to refuse whether or not it is part of the recoverable evidence that a crime has been committed, testimony only exists regarding profes- money from illicit activity. or assets have been obtained as a result sional secrets according to the German of a crime. These may be bank accounts In terms of speed and cooperation, it very Criminal Procedure Code, which does not as well as vehicles, real estate, company much depends. I have mixed experience include banking secrecy. For this reason, shares and other things. The details are with the Financial Crimes Unit here, in terms bank employees and credit institutions do regulated in the Criminal Procedure Code. of their willingness to act, however there is not have the right to refuse testimony in a three-year ongoing major prosecution, criminal proceedings - in contrast to civil The crime element in question does not which is worth highlighting. It involves alleg- proceedings – and are obliged to testify in need to be in the hands of the suspect or edly corrupt politicians and outside assis- front of the public prosecutor. accused, but, if necessary, a report is often tance from the United Kingdom. Restraint taken from bodies such as the Banking However, they do not have to obtain the orders, property preservation orders and Regulation and Supervision Agency, desired knowledge before testifying, as production orders were being obtained in Capital Markets Board or the Financial there is no obligation to inquire. Within large numbers, so we saw the process at Crimes Investigation Board, in order to take the framework of the witness examination, its most powerful during the investigation of attachment decisions. the owners, organs and employees of the those offences. credit institutions are obliged pursuant to The attachment decision regarding the Spain - RC In 2015, the Spanish Crim- Sec. 161a StPO to appear in front of the immovable assets, is processed in the land inal Code was strengthened with regard to public prosecutor on summons and to registry, and the movables is annotated to fraud deterrence, with a new regulation on give evidence on the matter as far as their the register office and it is enforced. The the felony of concealment of assets. knowledge of it may allow. An exception decision to confiscate any account in the to the rule exists when a bank employee bank or other financial institutions is usually Before this came in, you committed is accused of aiding and abetting a tax enforced by immediately notifying the bank concealment if you knew you had a judg- evasion committed by a customer. As an or financial institution related to the means ment condemning you to pay any sum of accused they may refuse testimony. The of technical communication. money, and then you hid or concealed assets while not paying your creditors.

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Kalus Oblin pictured at the 2017 IR Annual Conference in Berlin

The decision to confiscate the shares of a inal proceeding, is that if a judgment is rendered in It's an example of an attempt to collect gone bad company is enforced by notifying the related a criminal proceeding, you can use that judgment and you have to be careful in that arena. company management and the registered trade as a means of proof in a civil case. So the reality is similar to The Netherlands, in registry office with the technical communication It is possible for the criminal to arrange for contrary that you have to get the FBI excited about a case, tools immediately. Any decisions are notified to evidence, but usually that evidence has also been which can be difficult. We had an example here, the related company and the trade registry office. taken into account in the criminal proceeding, so where I had a banker who was stealing from the Netherlands - JW If you have the possibility to file it usually doesn't serve any purpose for the oppo- bank. We had our own civil case proceeding for a criminal complaint against an opponent, then nent to bring it in. several years, before the Federal prosecution this pressurises the opponent. From a purely prac- finally kicked in and resolved it. The timing of The last issue pertaining to criminal law in The tical standpoint that may put some pressure on Federal prosecutions can be slow, unless they get Netherlands, is that also the police and district someone who is not willing to act. excited, like in the case of Michael Avanti. attorney are able to obtain and seize assets by Another issue is that criminal prosecution must be means of a criminal conservatory arrest. The reality is that it can take years for them to really criminal, so sometimes, when you want the prosecute a case and finally bring a trial. They do Under these rules, assets will have to be given police to investigate a matter, they will say; well it have more powers, but it's difficult to get them to back to the criminals, but it is possible to make a is a civil matter. You can object to that in court and act. judgment that these assets will become forfeited usually you will win. to the state. The police may also try to find other Austria - KO During ongoing criminal investiga- So what is the advantage of such a criminal inves- parties who have claims against those criminals, tions, the public prosecutor is entitled to apply tigation? and then you can arrange for a conservatory or various coercive measures necessary for the executionary arrest on those assets of the crimi- clarification of the facts and prosecution of the Well, the police have more powers in terms of nals in order to execute judgment. suspected crime. Above all, assets may be seized locating assets. We have worked with the police in and preliminary injunctions may be issued. The Netherlands and the district attorney's office, Ohio - CN US prosecutors and the FBI have most in order to try to obtain assets from criminals. of the same powers as other countries. One of the Dominican Republic - PGT Freezing assets on issues in the US, is that, ethically as attorneys, we an individual basis, using a civil, commercial or In big insurance cases, we were able to not only cannot threaten criminal prosecution as a way to labour code, is different than pursuing a criminal trace assets but also to execute those assets on gain advantage in a civil matter. We have to be matter. behalf of the clients. A positive thing about a crim- careful with that, as demonstrated by the case of Michael Avanti, the attorney who's in big trouble for threatening Nike. irglobal.com | page 19 In criminal cases, the prosecutor has Cayman Islands - CB The additional very ample powers of investigation, which powers available in criminal cases in the means that they can investigate an agent Cayman Islands primarily relate to the for months without the agent knowing speed and ease by which investigators about that investigation, while prosecutors can seize evidence, the orders that they locate all the assets the agent has. may make, cooperation available from other jurisdictions and the ability to have Usually the prosecutor will try to freeze the proceeds of crime confiscated by the assets if the prosecutor believe that those Court. assets are being used for a criminal action or protect those assets for eventual dissi- If investigators have already begun work pation during the procedure. in a foreign jurisdiction, that investigation can make a request to the Office of the A prosecutor will have access to the Cayman Islands Director of Public Prose- assets and the information of the agent cutions (DPP) under the Criminal Justice and eventually will go to a special judge (International Cooperation) Law. The called an instruction judge, who will eval- DPP has the power to investigate and uate the merits of the investigation and prosecute crime, trace criminal assets, usually grant what the prosecutor wants. seek orders of restraint and confisca- Suddenly, you could find that all your tion of property (as well as civil recovery assets have been frozen because of this powers). In appropriate cases there may investigation that is taking place. Usually be a very rapid response on the part of they do that in secret to avoid the agent the Cayman Islands Government. dispersing the assets. If there is a connection with the USA, the As I mentioned earlier, the Dominican Mutual Legal Assistance (United States Republic has various treaties of mutual of America) Law applies. It covers all judicial assistance on the criminal side areas of civil and criminal law except tax, with the countries of the region. The including taking testimony or statements, Dominican Republic has agreed that providing documents, records and arti- requests from any of those states should cles of evidence, serving documents, be considered, if they have any reason to locating persons, transferring persons in believe that the agent that is being pros- custody for testimony, executing requests ecuted also has asset in the Dominican for searches and seizures, immobilising Republic. They can request the penal criminally obtained assets, assistance in authorities to freeze those assets and the proceedings related to forfeiture, restitu- Dominican Republic is required to do so. tion and collection of fines and any other In the practice, what usually happens, is steps deemed appropriate by both coun- that those local assets are being used by tries. different parties than the agent, and those Under Section 34 of the Monetary Authority parties are entitled to prove that they have Law (2018 Revision), the Cayman Islands nothing to do with the person or individual Monetary Authority (CIMA) may, at any that is being prosecuted in the foreign time by notice in writing, require a regu- country. Usually, that's something that has lated or connected entity or relevant to be litigated before a judge to prove that person to provide specified evidence. you are the owner. CIMA may also exercise similar powers The other thing worth mentioning, is that following a request by an overseas regula- we have passed very strict legislation on tory authority and direct such persons to money laundering, which definitely has produce information. been converted into a tool for pursuing A criminal court in the Cayman Islands any asset concealment. The authorities will decide at sentencing whether to make are pressing a lot on this legislation for a confiscation order based on evidence individuals. about the defendant’s ‘criminal lifestyle’. If Debtors are reminded not to divest their granted, enforcement agencies will seize assets into treaty companies or with the defendant’s assets, including those friends and family, because the criminal held by third parties such as banks and authorities are able to look into this, if they funds. Various orders may be made by believe the purpose was to defraud the tax Cayman Islands Government agencies. authorities. This would basically constitute a money-laundering prosecution.

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Contacts

UK HEAD OFFICE KEY CONTACTS CONTRIBUTORS

IR Global Ross Nicholls Roger Canals (RC) The Piggery Business Development Director Arco Abogados – Spain Woodhouse Farm [email protected] www.irglobal.com/advisor/roger-canals Catherine de Barnes Lane Rachel Finch Dr. Klaus Oblin (KO) Catherine de Barnes B92 0DJ Channel Sales Manager OBLIN Rechtsanwälte GmbH – Austria Telephone: +44 (0)1675 443396 [email protected] www.irglobal.com/advisor/dr-klaus-oblin www.irglobal.com Nick Yates John Wolfs (JW) [email protected] Editor Wolfs Advocaten – The Netherlands [email protected] www.irglobal.com/advisor/john-wolfs

Frankie Tierney (FT) Herrington Carmichael – England www.herrington-carmichael.com/our-people/frank- ie-tierney

Chris Niekamp (CN) Niekamp Weisensell Mutersbaugh & Mastrantonio, LLP – U.S - Ohio www.irglobal.com/advisor/chris-niekamp

Stephen Wilson, QC (SW) Graham Thompson – Turks & Caicos Islands www.irglobal.com/advisor/stephen-wilson-qc

Pablo González Tapia (PGT) GONZÁLEZ TAPIA ABOGADOS – Dominican Republic www.irglobal.com/advisor/pablo-gonzalez-tapia

Dr. Jana Schott (JS) AQUAN Rechtsanwälte, Germany www.irglobal.com/advisor/dr-jana-schott

Cherry Bridges (CB) Ritch & Conolly – Cayman Islands www.irglobal.com/advisor/cherry-bridges

Cemil Baha (CEB) ÖZALP – Turkey www.irglobal.com/advisor/cemil-baha-ozalp

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