Information on Collateral (UK) Ltd - February 2022

6 April 2018 and 19 April 2018

High Court of Justice – Business and Property Courts of England and Wales

The original amounts frozen in the order of 6 April 2018 were £280,000 in respect of Andrew Currie and £372,000 in respect of Peter Currie. These were increased in the order of 19 April 2018 to £480,000 in respect of Andrew Currie and £595,000 in respect of Peter Currie. The amounts represented the sum of the financial benefit that the Authority considered each Currie may have obtained in connection with their involvement with Collateral (UK) Ltd.  The requirements were ordered as an interim measure, to remain in force until the conclusion of the trial or further order of the Court.

The order reads as follows:

‘Until trial or further order of the Court Andrew Currie must not remove from England and Wales any of his assets which are in England and Wales up to the value of £480,000.

Until trial or further order of the Court Peter Currie must not remove from England and Wales any of his assets which are in England and Wales up to the value of £595,000.

Paragraphs 6 and 7 apply to all of the respective Respondent’s assets whether or not they are held in their own names or otherwise, and whether they are solely or jointly owned. Respondents’ assets include any asset which a Respondent has the power, directly or indirectly, to dispose of or deal with as if it were his own, they are to be regarded as having such power if a third party holds or controls the asset in accordance with its direct or indirect instructions.

As detailed above in response to Q.3

Yes

No – limited to jurisdiction of the Court

No

No. The orders were limited to the freezing of assets which the Authority considered were likely to have been received as a result of conducting regulated activities without authorisation. This is a specific power available to the Authority under the Financial Services and Markets Act 2000. The Authority has no general power to impose, or to request the court to impose, broader requirements such as those outlined in the question. Having said that, should an individual seek authorisation to perform regulated activities whilst the subject of such an order, this would be taken into account by the FCA in the determination as to whether they are considered fit and proper to be authorised to hold such function.