The publication Chambers Fraud & Asset Tracing 2024 Liechtenstein provides a detailed overview of the most important aspects of Liechtenstein civil and criminal law measures for tracing, securing, and recovering assets located in Liechtenstein (Asset Tracing and Asset Recovery).
Liechtenstein civil law offers extensive possibilities for reclaiming and recovering assets from various persons and entities. In particular, damages claims, tort claims, claims for unjust enrichment, property claims, etc.
The publication particularly deals with tort claims and claims for unjust enrichment in connection with asset recovery cases and the possible injunctive or provisional measures to block and prevent the further transfer of assets and dissipations.
By these means further acts of disposal can be prevented, in particular by issuing interim injunctive measures such as prohibitions on disposal and implementation of asset freezes, and creditors can secure access to these assets. In particular, priority liens can also be obtained for the benefit of the creditors. Of particular note is the possibility of accessing asset rights that offer indirect access to assets located in Liechtenstein. Such asset rights include, in particular, mandate rights, shareholder rights, founders rights, beneficiary rights and instruction rights.
Companies closely related to the debtor may also be subject to asset recovery proceedings and assets of such companies that are economically attributable to the debtor may be seized. In addition, claims may also exist against directors of the companies involved which may be asserted as liability claims.
Furthermore, Liechtenstein law provides for measures to obtain information and the possibility of disclosure proceedings in Liechtenstein. In the context of asset recovery proceedings, foreign judgments and orders can also be recognized and enforced directly or indirectly in Liechtenstein and serve as a basis for the recovery of assets.
Assets can also be traced and frozen by court order through the initiation and support of criminal investigations. In addition, comprehensive documents and information can be seized, which the private damaged party can inspect and use to pursue its claims. Investigation measures can also be conducted abroad by means of international letters rogatory proceedings.
Assets that are frozen in criminal proceedings can also be used in favour of the victims and affected parties in the event of confiscation or forfeiture proceedings. The publication also deals with the options available to creditors in connection with criminal investigations.
Niedermüller Rechtsanwälte has an experienced team of specialists in the field of asset recovery which regularly advises clients in connection with cross border Asset Recovery matters. The Asset Recovery team is led by Managing Partner Dr. Matthias Niedermüller M.B.L.-HSG.
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