“Cracking” down on defendants: further ground-breaking orders obtained by PCB Litigation

Posted on: May 10th, 2017

Hot on the heels of successfully obtaining the first reasoned judgment concerning the jurisdiction to grant a search order against a third party – see here – PCB Litigation has obtained two further ground-breaking orders which will substantially add to the weapons available to victims of fraud seeking to recover assets.

The background is set out in our update of 28 November 2016 – see here – when Russian Judgment debtor Andrey Chernyakov was forced to allow bailiffs to enter his London homes to search for and seize his assets.

Read More

First ever search order against a third party granted: the Chabra moment for search orders

Posted on: March 7th, 2017

Amongst the wide array of tools available in the English Courts for intended and actual claimants are what have been described as the law’s two nuclear weapons, freezing injunctions and search orders. Since the seminal case of Chabra, Courts have been willing to grant freezing orders not just against defendants, but against third parties against whom no claim is advanced but who appear to hold assets on behalf of the defendant. Yet in the quarter of a century since Chabra, and until very recently, no case seems to have tried to use the search order jurisdiction in a similar way.

Read More

New European regime for preserving accounts

Posted on: January 18th, 2017

Today, EU Regulation No 655/2014 of 15 May 2014 (“the Regulation”) takes effect. It establishes a European Account Preservation Order (“EAPO”) procedure with the purpose of facilitating cross-border debt recovery in civil and commercial matters.

It is intended to operate as an alternative to domestic remedies, by allowing certain creditors in one participating Member State to freeze a debtor’s assets located in bank accounts in another participating Member State without first obtaining a court order within that state.

Applications can be made prior to commencing proceedings without notice to the debtor (as well as during proceedings and after judgment) and may give creditors the chance to obtain information about debtors’ bank accounts.

Read More

No place safe to hide for Russian debtors

Posted on: November 28th, 2016

Last week, Russian Judgment debtor Andrey Chernyakov was forced to allow bailiffs to enter his London homes to search for and seize his assets. The Bank of Moscow had at the end of October obtained a £195m judgment against Mr Chernyakov. Mr Chernyakov had already been the subject of worldwide freezing orders. When the Bank sought to enforce by sending in the bailiffs, Mr Chernyakov refused them entry to his homes. Urgent relief was obtained within a matter of hours, permitting the bailiffs to use reasonable force to enter the homes that same day.

Read More

PCB Litigation awarded top rankings for civil fraud in legal directories

Posted on: November 3rd, 2016

We would like to thank our clients, referees, fellow professionals and others who have provided their support over the years in helping us top the rankings for civil fraud in both Chambers and Partners and The Legal 500. PCB received a Band 1 ranking for civil fraud in the UK in Chambers and Partners for the first time, while retaining its tier 1 position for civil fraud in London in The Legal 500.
According to Chambers and Partners, the firm assists “high-end clients including banks and corporations in getting to the bottom of sophisticated fraud scenarios.

Read More

Litigation on the rise in China

Posted on: October 3rd, 2016

In a recent article for FraudNet (the ICC specialist fraud and asset recovery taskforce of which we are the UK member), we commented on the rise of Chinese-related disputes (https://icc-ccs.org/talkfraud/chinese-related-disputes-on-the-rise-steven). This theme has been echoed in The Lawyer magazine, which has just published a report on the performance of 30 leading Chinese law firms by revenue. It also analysed the revenue generated from litigation and found that litigation had been a strong driver for growth in the last 2 years. In 2015, according to statistics from the Supreme People’s Court, the number of cases handles by all courts in China increased by 21% from 13.8 million to 16.7 million, with the total sum claimed increasing from RMB 2.90 trillion to RMB 4 trillion.

Read More

Making economic crimes pay

Posted on: September 15th, 2016

As specialist fraud and asset recovery lawyers, we regularly successfully pursue those behind the commission of economic wrongdoing as well as those who have assisted in such wrongdoing.

However, whilst there are various available methods of pursuing perpetrators on a civil basis (with which we are well versed), moves are again afoot to seek to plug gaps in the criminal sphere.

In July 2014, we reported upon the Head of the SFO’s proposal to extend the ambit of section 7 of the Bribery Act 2010 for corporates “failing to prevent” acts of employees (see http://www.pcblitigation.com/media/potential-corporate-fraud-amendment-to-bribery-act-2010/).

Read More

New statistics highlight prevalence of fraud

Posted on: July 22nd, 2016

In figures published on 21 July 2016, the Office for National Statistics has estimated that there were 3.8 million instances of fraud in England and Wales in the 12 months to the end of March. This highlights the extent to which fraud has permeated all levels of society.

However, and notwithstanding the options available to victims of fraud, it would appear that only a low proportion of victims report such incidents. In the absence of specialist assistance, victims are often left with no redress and fraudsters can get away with their ill-gotten gains.

Read More

Corporate Transparency

Posted on: June 2nd, 2016

As from April 2016 there is a mandatory obligation on UK companies to maintain a register of the individual(s) who ultimately owns or controls more than 25% of a company’s shares or voting rights. From June 2016 details contained on the register (known as the Register of People with Significant Control (“PSC”)) are to be filed at Companies House and shall thereafter be made public. The register must detail the full name, date of birth, nationality, country of residence, residential address and service address of the individual(s) concerned, along with the date on which the interest was acquired and details of how it is held.

Read More

11.5 million documents reveal links to massive asset concealment

Posted on: April 4th, 2016

According to the BBC today, 11.5 million documents leaked from a Panamanian law firm (the so-called Panama Papers) reveal links to massive asset concealment running to billions of dollars being conducted by numerous international persons including heads of state.

Such disclosure may enable fraud victims amongst others a unique opportunity to recover losses using the remedies offered by Courts in numerous jurisdictions to help them to locate, freeze and recover assets.

PCB has extensive experience in this respect and is the UK member of ICC’s FraudNet (https://icc-ccs.org/home/fraudnet), a worldwide network of lawyers specialising in asset recovery that has recovered billions of dollars for victim of some of the world’s largest and most sophisticated global frauds.

Read More