Wallace successfully secures the discharge of worldwide freezing orders for Aaqua Group

Following a series of hearings in the Commercial Court during the past month, worldwide freezing injunctions were discharged over Wallace’s clients Aaqua BV, Aaquaverse PTE Ltd and Robert Bonnier (together the “Aaqua Parties”).

In late July 2022, the freezing orders were obtained on an ex parte basis by the Luxembourg investment outfit Candy Ventures SARL (“CVS”), which is 90% owned by the well-known businessman, Nick Candy. However, following an urgent application and three hearings held during the Court’s vacation period, the freezing orders were discharged and CVS conceded that the orders had been wrongly granted and agreed to pay the Aaqua Parties’ costs on the indemnity basis. The underlying claim against Aaquaverse was also struck out.

An Inquiry will now be held into the damages caused by the WFOs. Mr Candy has been joined to the proceedings for the purpose of the Inquiry, so that the Aaqua parties may enforce any damages caused by the freezing orders pursuant to undertakings given by both CVS and Mr Candy personally.

This was a hugely important outcome for the Aaqua Parties, whose reputation and business operations had been seriously prejudiced by the fact that the freezing orders had been wrongly granted.

The Wallace team was led by Partner Oli Goldman with assistance from Senior Associates Josephine Mathew and Philip Blyghton. Stephen Robins KC (of South Square Chambers) and Hermione Williams (of New Square Chambers) were retained as Counsel.