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The United Kingdom Supreme Court in its Judgment dated October 21, 2015 on case of JSC BTA Bank (Appellant) v Ablyazov (Respondent) recognized the right of the borrower to draw money under the loan agreements as an “asset” for the purposes of the freezing order.
DATE: October 27, 2015 | AUTHOR: atlawyers
The United Kingdom Supreme Court in its Judgment dated October 21, 2015 on case of JSC BTA Bank (Appellant) v Ablyazov (Respondent) recognized the right of the borrower to draw money under the loan agreements as an “asset” for the purposes of the freezing order. The court considered that although the Respondent did not own the relevant monies as an asset, under the loan agreements he had a power to dispose of, or deal with them, directly or indirectly, as if they were his own. This means a prohibition to further dispose of or deal with this “assets” in case freezing order is imposed by court.