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freezing order

The Australian Securities and Investment Commission has alleged that unlicensed financial advice is being given in relation to the development of property by a company headquartered in Perth and that it relates to an unlicensed investment scheme. The facts as set out by ASIC imply other issues, too. ASIC has frozen the assets of Monica Kaur, MKS Property Investments/Developments Pty Ltd (MKS Property), Paradise Property Group Pty Ltd (Paradise Property) as well as against Sadu Singh, Melvin Paul Singh and Stephanie Lee. All but Lee have been banned from leaving Australia.

BIScom Subsection: 

The extraordinary case of an elderly man who was forced into expensive legal proceedings to recover almost GBP200,000 accidentally paid into the wrong bank account could have been so easily avoided if UK banks operated, under the auspices of regulators, a simple cross-check of information. It happens elsewhere.

BIScom Subsection: 

A Court has ruled that law firm was not culpable for making payments, from its clients' account, for the benefit of clients who were subject to a freezing order.

Courts have long had the power to make Orders in relation to assets, usually to prevent their disposal and/or destruction. They are known by a variety of names, and sometimes names mean different things in different jurisdictions.

FCRO Subsection: 

While Hong Kong's Securities and Futures Commission was investigating a case of suspected insider dealing, it traced funds to a clients' account by a third party, innocent, broker. The SFC has ordered the broker to block access to those funds and assets represented by part of the funds. There is something unusual about the process.

BIScom Subsection: 
hahagotcha