Winning a lawsuit is only half the victory; the main challenge is often enforcing the judgment and actually recovering the assets. Dishonest debtors frequently try to hide property abroad: in offshore zones, trusts, or under the names of relatives. International Asset Recovery is a complex legal process combining financial investigation, international litigation, and enforcement measures. This service is critical for creditors, defrauded investors, and companies harmed by fraud.
The process requires coordinated work across various jurisdictions. For instance, it might be necessary to freeze assets in London, request information from Cyprus, and conduct bankruptcy proceedings in Georgia. Specialists featured on Legal.ge collaborate with foreign lawyers and private investigators to trace hidden assets, pierce the corporate veil, and return funds belonging to the client. This service also covers protecting the interests of fraud victims and managing insolvency proceedings with cross-border elements.
What does the International Asset Recovery service cover?
- Asset Tracing: Investigating financial flows, uncovering real estate, bank accounts, and business shares in different countries.
- Interim Measures: Seizing and freezing assets before the conclusion of litigation (e.g., "Mareva Injunction" in English law jurisdictions).
- Piercing the Corporate Veil: Legal actions against shell companies to hold the real beneficial owner accountable.
- Cross-Border Insolvency: Conducting insolvency proceedings when the debtor's assets are located in multiple countries.
- Judgment Enforcement: Recognizing and forcibly enforcing foreign court judgments in accordance with local legislation.
- Fraud Investigation: Gathering evidence to uncover fraudulent schemes and initiating civil or criminal prosecution.
Common scenarios requiring this service
A typical scenario involves a large debtor taking a loan from a bank, then transferring funds to an offshore company and declaring bankruptcy. The creditor needs to find the trail of this "hidden" money and recover it. A second scenario is divorce, where one spouse tries to hide common property in trusts created abroad. A third case is corporate fraud, where a director steals company assets and flees the country. All these cases require rapid and aggressive legal action on an international scale.
Georgian Legal Framework
The asset recovery process relies on the Law of Georgia on Enforcement Proceedings and the Civil Procedure Code (especially regarding interim measures). In cases of insolvency, the Law on Rehabilitation and Collective Satisfaction of Creditors is applied, which provides for cross-border insolvency elements (based on the UNCITRAL model). Criminal asset recovery is regulated by the Criminal Procedure Code and international treaties on legal assistance.
Step-by-step service process
The process begins with a pre-litigation investigation to determine the location of assets. Lawyers then apply to the court for immediate freezing of assets so the debtor cannot move them. Concurrently, the main dispute regarding debt confirmation or damages proceeds. The final stage is enforcement, which may involve the forced sale of property at auction in a foreign country.
Why choose a specialist on Legal.ge?
International asset recovery requires specific contacts and experience. A general lawyer is often powerless against offshore schemes. On Legal.ge, you will find specialists who have access to international investigative networks and can conduct complex cross-border litigation to recover your money.
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