Attachment Of Assets

Practitioners from leading firms in over 90 countries provide practical information about procedural and substantive issues regarding attachment of assets. Because the availability of attachments in advance of judgments can make the difference between success and failure in a lawsuit for money damages, and because attachments may often be obtained in places far removed from the venues of proceedings on the merits, it is important for litigation counsel to be aware of the potential for multi-jurisdictional assaults on the assets of their clients or of their clients’ adversaries. Attachment of Assets is designed to give practical information and guidance to lawyers and businessmen who are interested in securing expected future judgments and in making strategic decisions concerning the deployment of moveable assets in the face of possible attachments of them. The chapters, each discussing the requirements of a separate country, are written by lawyers with practical expertise in this field. The procedure by which attachments are obtained vary, ranging from court orders authorizing a court official to take custody of a defendant’s assets to orders restraining the defendant from transferring his assets. The effects of such orders differ as well: some create a lien superior to those of other creditors and others do no more than immobilize the debtor’s assets, leaving them open to being levied upon by later-arriving judgment creditors. Countries vary in the ways in which they permit attachments to be carried out -- whether, for example, all of the banks in a given city may be served with attachment notices or orders. They vary as well with respect to the information that is imparted to the attaching creditor after attachment orders have been served. Some rules make available to creditor information concerning the value of assets on which they have successfully levied, while others leave creditors in the dark, or dependent on informal hints from garnishees as to whether or not pay dirt has been struck. Most importantly, jurisdictional requirements for the issuance of attachment orders are not similar. Some countries permit attachments only if the defendant is subject to the jurisdiction of their courts with respect to the merits of the case. Others are less demanding, permitting attachments solely on the basis and to the extent of the presence of the assets successfully attached. It is probably fair to say that, in many foreign jurisdictions, the protection of creditors through fraudulent conveyance laws and the like is inadequate, or even, as a practical matter, unavailable. The enforcement of judgments is therefore often dependent on a creditor’s ability to obtain -- early, even prior to the commencement of a lawsuit -- a prejudgment attachment (or the equivalent) of his debtor’s assets. The extent to which attachments are obtainable in various countries of the world and the basis under which they may be obtained under local law are the focus of Attachment of Assets. Format of Publication: Organized in a uniform question and answer format that addresses the receptiveness of each country toward the attachment of assets; the procedural requirements for filing for attachment; reciprocity; treaty provisions; and defenses. Every Chapter is organized with the same special three part arrangement - allowing you to quickly and easily locate the information you need for each country. Part I contains a survey of the current attitude of each country’s courts and government toward the attachment of assets, including anticipated changes and recent cases. Part II discusses procedure the judgment creditor must follow to file for the attachment of assets in the other country, including translation of the judgment, currency conversion, attorneys’ fees and recovery of interest. Part III summarizes the requirements the judgment creditor must meet for attachment, and the defense the judgment, and the defenses the judgment debtor must establish to prevent attachment.

Arbitration in Switzerland

The extent of available pre-judgment asset preservation relief is widely regarded as a unique characteristic of English law and one of the key factors attracting international commercial litigation to the English courts. By taking a novel view of the theoretical foundations of a freezing injunction, this book challenges the long-established view that such an injunction is an in personam form of relief whose sole purpose is to prevent unscrupulous defendants from making themselves judgment-proof. Dr Šaranović combines historical and comparative perspectives to identify several theoretical flaws in the court's jurisdiction to grant this popular form of interim relief. The book demonstrates that the current application of private international law rules in this field leads to inequality among litigants and illegitimate encroachment upon the sovereignty of foreign states. It proposes a range of possible solutions to alleviate concerns about the scope of freezing injunctions both in the domestic and international arena.

Defines and describes the characteristics of attachment and garnishment and how these tools are implemented. Safeguards, especially federal protections, are analyzed. The Legal Almanac series serves to educate the general public on a variety of legal issues pertinent to everyday life and to keep readers informed of their rights and remedies under the law. Each volume in the series presents an explanation of a specific legal issue in simple, clearly written text, making the Almanac a concise and perfect desktop reference tool. All volumes provide state-by-state coverage. Selected state statutes are included, as are important case law and legislation, charts and tables for comparison.