Injunction

The Chancery Division allowed an application by the intervening third-party (which was a secured creditor of the second defendant, TCA) to vary a freezing order, granted in respect of that defendant and other defendants, to the effect that nothing in the order should prevent or restrict it from enforcing any rights it might have, under its facility agreement and debenture. The court held that, in a standard case, a secured creditor who sought to enforce its security over an asset did not need to apply to the court for a variation of a freezing order. It held that, whilst TCA had not needed to apply for a variation of the freezing order, the court should be sympathetic to a third party that wished to have clarity and that, on the facts, the variation sought by TCA was entirely justified and should be granted.