What Are My Legal Rights If My Assets Are Frozen?
The right to own property is part of the existing human rights. Property is also known as assets, and they take various forms, tangible and intangible. The rights you have over your assets are not absolute because they can be limited by law. If your assets happen to be at the center of a lawsuit, Courts have the power to act in the interest of justice by regulating how you use your assets. Regulation of how you use your property can be effected through an asset freezing order. Freezing orders are not judgments but part of a Court’s due process. Issuing an asset freezing order is a judicial power of the Court. When your assets are frozen, you can only make use of them within the directions of the asset freezing order and before a Court issues an asset freezing order, there has to be a demonstration of valid reasons for issuance of the order. Also, the Court can enter a freezing order at its discretion, but most times, it is a Plaintiff who requests for issuance of an asset freezing order as against your assets.
Effects of a freezing order on your assets
The effect of a freezing order on assets is a common concern and as some of the best criminal lawyers in Philadelphia, PA we want to help address your concerns. When there is a freezing order on your assets, your usage can only be within the extent that the terms of the order allow. For example, if the order states that you can only use your car within the Court’s jurisdiction, taking your car outside the jurisdiction will be regarded as Contempt of Court. If you are convicted for contempt, you will either be committed to civil jail, be compelled to pay fines or both. Therefore, in your interest, you limit the usage of your assets to what the asset freezing order allows.
Your legal rights when your property has an existing asset freezing order
An asset freezing order can paralyze both your business and personal operations. As much as the order might limit your right of usage and access to your assets, you still have legal rights, which you can exercise. First, you have a right to appeal, which you can use to challenge the order, which, upon successful consideration, can lift the order and allow you to enjoy your assets fully. If the order deprives you of total access to your assets, you can apply for an adjustment of the order. In an emergency that requires you to access assets like bank accounts, you have a right to apply for reasonable access rights. The one route which can help you claim all or part of your asset rights is working with an attorney. Competent legal counsel will help you secure your asset rights amid an existing asset freezing order.
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