Walkers acts for successful Respondent as Court of Appeal decision upholds freezing injunction and disclosure orders

Our BVI and Hong Kong teams recently acted for the successful Respondent in Sancus Financial Holdings Limited (In Liquidation) & Ors v. Chad Holm, securing a significant victory in the Eastern Caribbean Supreme Court in the Court of Appeal upholding a worldwide freezing injunction and asset disclosure order granted by the BVI Commercial Court. 

Following Mr Chad Holm's successful opposition of an appeal to the Privy Council resulting in a judgment confirming with finality the Appellants’ liability for breach of an oral contract, Mr Holm sought an urgent post-judgment worldwide freezing and asset disclosure order against the Appellants from the BVI Commercial Court. On 12 September 2023, the Honourable Justice Wallbank sitting in the BVI Commercial Court granted the order in the terms sought, restraining the Appellants from disposing of their assets and directing disclosure of their assets.

The Appellants challenged the ruling on five grounds. On 28 March 2025, the Court of Appeal dismissed the appeal on all grounds, upholding the order and awarding costs to Mr Holm. 

In its judgment the Court of Appeal reaffirmed the test for granting freeing injunctions and confirmed that interlocutory injunctions are discretionary relief, with the appellate court deferring to the trial judge’s discretion unless a clear error is demonstrated.

A copy of the Court of Appeal’s judgment is available here.