The Great Sussex
Bath Race
Frozen Assets
Even when the sun is out assets can still be frozen
A Russian tycoon, Sergei Pugachev,
has been served with an order freezing
$2billion of his assets by the UK High
Court in an insolvency matter. This will
mean that he cannot sell his properties
or cars, or spend the money in his
bank accounts.
frozen, so the money cannot be spent.
Car and properties can be protected so
that they cannot be sold, or anything
done to diminish their value. It can apply
to individuals or to companies and will
prevent either from dissipating their
assets. The order can apply to UK or
worldwide assets.
A liquidator has been appointed to deal
with the now insolvent Russian bank
Mezhprombank. The liquidator believes
that Mr Pugachev owned or controlled
the bank and therefore should be held
liable for its insolvency. It is alleged that
Mr Pugachev transferred money from
the bank to his private accounts when it
was already insolvent.
A freezing injunction is an extreme
measure and the court will only order
it if they are satisfied that it is really
necessary in the circumstances. It can
affect a party’s creditworthiness and is
likely to affect both their personal life
and their ability to continue with any
commercial matters.
Freezing orders are temporary
injunctions that stop a party from
disposing of or dealing with their
assets. This will normally be to keep
the assets safe until a court order can
be obtained. Bank accounts can be
Speedy action is essential so that an
order can be granted before any assets
are dissipated, and before the money is
moved or spent or the properties sold. Mr
Pugachev will be allowed access to a set
allowance to live on, and money for legal
fees. If the order is broken or disobeyed
then he will be held in contempt of court
and can be fined, imprisoned or his
assets can be seized.
The freezing injunction will end after
the liquidator has investigated the
matter of the bank’s insolvency, and
when the court decides on what orders
to make. We wait to hear what will
happen next!
By Miranda Jenkins
It was a lovely sunny day in Sussex
and we were reluctantly up early, on
a Sunday of all days. My husband
continually questioned why on earth I
was doing this on my day off, and how
I had roped him in to coming too.
However, the lake was a beautiful setting
and the surrounding countryside and
views from the spectator’s bank were
stunning. I met up with the rest of my
teammates – Katherine ‘This is easy’
Leppard, Gail ‘Indispensable’ Waller
and Martin ‘Captain’ Williams. We then
inspected the equipment that had been
set out for the rafts.
Each team was given a solid metal
bathtub, six long wooden posts, four
plastic barrels and several lengths of
wood. Looking at each pile, we couldn’t
imagine how we were going to build
something that could not only float but
also hold the weight of the bath and four
100
adults! Luckily, Martin had been in the
race last year and so, although he had
experienced an unfortunate sinking raft,
had also been able to work out how the
ones that did float were constructed.
As the other teams began to arrive
and put on their co 7GV