The long arm of the law — freestanding Mareva injunctions and clarification from the Court of Appeal
On 4 June 2013, the Cayman Islands Court of Appeal delivered its judgment in VTB Capital PLC v Universal Telecom Management (unreported) (VTB). This decision, given subsequent to our earlier briefing, provides further clarity as to the extent of the CaymanCourt’s jurisdiction to grant freestanding Mareva injunctions (also known as ‘freezing injunctions’).
A Mareva injunction is an in personam order (made against a person) restraining a defendant from dissipating or otherwise dealing with its assets. There are four situations in which such injunctions are sought.
Most commonly, they are sought by a plaintiff that is pursuing substantive claims (eg a claim for damages). Such injunctions prevent defendants from rendering themselves judgment-proof by dissipating or hiding their assets during the period between the commencement of the claim and the eventual judgment…
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