You might have heard about a term Asset freezing, we will discuss about Asset Freezing legal aspects in depth. Everyone has a right to own property or assets, and it’s part of a human right. Assets can take different forms; tangible or intangible assets. When you own assets, your ownership rights are not absolute because they are limited to law. It means that the court can issue an order to stop you from accessing or using your assets. 

The court will issue an asset freezing order to stop you from using your assets. This is normally the case if your assets are part of the lawsuit. An asset freezing order is not a judgment but a court process; it is within the jurisdiction of the court’s power. If you want to stop a court freezing order, you can seek the help of a property freezing order solicitors.

When your assets are frozen, you can only use them based on the directions issued on the court order. To stop you from accessing your assets, the court must show some valid reasons for the issuance of the order. 

The courts can also enter a freezing order to act against your assets. The courts can also enter a freezing order within its jurisdiction. However, in most cases, the Plaintiff will request the issuance of the asset freezing order against your assets.

What are the effects of a freezing order on assets?

You want to be more concerned about the impact of a freezing order on your assets. Therefore, you should hire the best freezing order solicitors to handle your concerns. When the court issues a freezing order on your assets, how you use the assets can only be subject to the terms indicated on order.  

For example, if the court decides that you can only use your car within the court’s jurisdiction, it means that taking the car outside the jurisdiction will be regarded as a Contempt of Court. If the court convicts you for contempt, you will be committed to civil jail and be compelled to pay a fine.

If you want to avoid the fine or the contempt, you should only use your assets within the court order.

What are your rights when your property has an asset freezing order?

When the court issues an asset freezing order, it can bring your operations and business to a standstill. 

The court order will limit your rights to the usage and access of the assets, but that doesn’t mean you don’t have some legal rights to exercise.

The first right you have is the right to appeal. You can file for an appeal and challenge the court order to freeze your assets. In case of a successful appeal, the court will lift the order and fully allow you to access and enjoy your assets. You can also apply for order adjustment if the order deprives you of total access to your assets.

You also have the right to apply for reasonable access rights if there is an emergency that requires assets like bank accounts.

Final Thoughts 

An asset freezing order is a legal court process. If you have a court asset freezing order that restrains you from accessing and using your assets, you can work with solicitors to claim your asset rights.

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