One thought on “What remedies are available to restrain or control the proceeds of fraud?

  1. Arti says:

    For example, an asset may be sold and the proceeds converted into cryptocurrency, or a client may have made a ransom payment in cryptocurrency and want to recover the payment. Whilst the paradigm case would be one where cryptocurrency has been misappropriated from a client, there are other examples which may be less obvious. Whichever example, it’s essential that the modern commercial lawyer dealing with the matter has at least a few knowledge of how cryptocurrency is treated as a matter of English law. ’ When deployed at the right time, a challenging case can be completely resolved in a client’s / victim’s favour by the use of such interim remedies. These remedies include: (1) the Freezing Order; (2) the Search Order; (3) the Asset Preservation Order; (4) the Proprietary or Tracing Injunction; (5) orders directing a party to provide information about the location of assets; and (6) Norwich Pharmacal/‘Bankers Trust’ orders. As practitioners will be aware, a litigator has a wide range of interim remedies available to him or her in fraud cases under CPR 25. These interim remedies are varied, and often hinge on a particular asset being classed as ‘property. 1(1) as well as at common law and in equity. it’s also possible that a client could have innocently purchased cryptocurrency from a fraudster and be caught up in a dispute with the victim/initial owner of the cryptocurrency. However, the balance is a fine one: when used incorrectly an interim remedy can become a new battleground (and lead to a diversion of time and resource).

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