In JSC BTA Bank v Mukhtar Ablyazov, one of many cases involving "extraordinary litigation on a large scale", Christopher Clarke J found that a right to borrow does not constitute a disposal of or dealing with an "asset" for the purposes of a freezing order.

JSC BTA Bank (Bank) had obtained a freezing order against Mr Ablyazov which provided that he must not "in any way dispose of, deal with or diminish the value of any of [his] assets...". The question before the Court of Appeal was whether the rights of Mr Ablyazov to draw down under a number of loan agreements were "assets" for the purposes of this freezing order.

The Court found that Mr Ablyazov's right to borrow was not subject to the freezing order. The loans were unsecured and incapable of assignment, and were found not to represent Mr Ablyazov either disposing of, dealing with or diminishing the value of any of his assets.

See Court decision here.