Restructuring & Insolvency analysis: The applicant liquidators had obtained freezing orders at an ex parte hearing in furtherance of their claim under sections 212 and 213 of the Insolvency Act 1986 (IA 1986) in respect of an alleged fraudulent art investment scheme. The Chancellor of the High Court had to decide whether to continue the orders. Following a three-day interlocutory hearing, the Chancellor set out the well-known principles and authorities relevant to the grant and continuation of a freezing order and held that the applicants had a good arguable case on the merits, that there was a risk of dissipation, and that there had not been a failure of full and frank disclosure. The Chancellor was critical of certain aspects of the first respondent’s approach, in particular, the first respondent had made the hearing like a mini trial, had taken every point including those that could not be resolved at an...
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