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James O'Hara, Director at iLaw, acted for a gaming company based in Cyprus, who found their accounts frozen by the City of London Police under an Account Freezing Order (AFO). The client’s GBP account, held with a multi-national bank, was subjected to the AFO, and the bank restricted access to the funds in the account, causing significant disruption to the business.
Upon reviewing the case, James discovered a critical detail: the gaming company had no contractual relationship with the UK arm of the bank. Instead, its relationship was with the Dutch element of the bank, and governed solely by Dutch law. This legal distinction was pivotal in proving that the Account Freezing Order was not applicable, as the UK arm of the bank was not legally bound by the AFO.
James and his team drafted detailed submissions outlining that the AFO was both unlawful and unenforceable. Within days of submitting these arguments, the City of London Police applied to the Court to set the Order aside. The bank, acting on the court's direction, then released the funds to the client, resolving the issue promptly.
This case highlights the importance of expert legal intervention when faced with an Account Freezing Order. If you or your business is subject to such an order, it is crucial to seek prompt legal advice to assess the validity of the order and challenge any wrongful or unlawful action taken by authorities or financial institutions.
James O’Hara’s expertise in asset recovery and financial crime matters can provide invaluable support, helping you navigate complex legal frameworks, challenge wrongful freezing orders, and secure the release of your funds.
Get in touch with us today to discuss how we can assist you in overcoming Account Freezing Orders and other asset protection challenges.
Thanks to Christopher Convey of 33 Chancery Lane for providing expert advice throughout this matter.
