Court Report: How to handle an asset freeze

Hamish McNicol discusses Masala Restaurants in Court Report. With special audio feature.

Different people handle frozen assets in different ways, rulings from the court this week have shown.

The Masala Indian restaurant chain, for instance, has reacted to New Zealand’s largest ever restraining order, worth $34 million, by seemingly deciding not to comply with orders to give the liquidators for some of their entities nearly 200 boxes of documents.

But Justice Matthew Muir has this week made an order, ultimately by consent, compelling the people linked to Masala to provide liquidators Waterstone Insolvency “complete, candid and timely compliance” with the court order to produce documents made last July.

Masala had suggested the police’s restraining had complicated matters, with some of the documents seized in a raid last December.

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