Event and Time
Event Description
On December 8, 2023, a freezing order was made against the defendant, restraining it from diminishing its assets up to an unencumbered value of $525,000. The order was based on concerns regarding the potential dissipation of the defendant's assets before a judgment could be satisfied. The court required the defendant to provide financial disclosures by December 14, 2023.
Application and Claims
- Plaintiff: Sought a freezing order due to concerns that the defendant might dissipate its assets relating to a claim for $500,000.
- Defendant: Applied to set aside the freezing order on grounds of alleged non-disclosure by the plaintiff's solicitor regarding whether contracts were exchanged for six apartments.
Judicial Decisions
The court extended the freezing order until the final determination of the matter and required the defendant to comply with the previously ordered financial disclosure by February 7, 2024.
Dispute Points and Legal Basis
Dispute Points
Plaintiff's Claims:
- The plaintiff claimed that the defendant had exchanged contracts to sell six apartments, which raised concerns about potential asset dissipation.
- The plaintiff expressed that failure to obtain the freezing order could render their claim to recover the $500,000 fruitless.
Defendant's Arguments:
- The defendant contended that the court's statement regarding the existence of contracts for the sale of the six apartments was incorrect.
- The defendant asserted that the alleged failure to disclose crucial information during the ex parte application warranted discharging the freezing order.
Evidence and Reasoning:
- The plaintiff's solicitor provided multiple points of concern regarding asset dissipation, which supported the application for a freezing order.