Finding and seizing assets in the US is hard enough, but doing so abroad can be exponentially more complicated. Increasingly defendants are holding--and in many cases hiding-- in foreign countries money and property that is rightfully due to another. Their tools are secrecy and evasion. Counsel must understand how to locate and seize assets in overseas jurisdictions in order to make an informed recommendation regarding whether to pursue collection in a foreign jurisdiction, even before starting litigation.
The first step is to identify offshore assets, including real, personal, tangible, and intangible property, streams of income, bank accounts, investments, and interests in businesses. Many of the assets will be in financial accounts. If the asset owner has committed fraud, then he or she usually has access to others who will enthusiastically assist finding legal loopholes and “legitimizing” dishonest gains.
Once assets are identified, the goal can turn to seizing and freezing those assets. Counsel must overcome procedural due process requirements in the foreign jurisdiction, laws that are designed to obscure and delay seizure, and anti-US prejudices.
Listen as this experienced panel discusses what to consider before filing suit, how to identify foreign assets, and how to seize and freeze them.
