A unanimous ruling from the Appellate Division, 1st Department, strengthens the hand of creditors seeking assets from overseas debtors. The court held last week that as long as a creditor has standing in New York, the state’s courts can enjoin the transfer of assets from the United States to a foreign country, or order a company to transfer overseas assets to New York to satisfy a judgment.
The ruling in Gryphon Domestic VI, LLC, et al. v. APP International Finance Company, 9309, written by Justice James M. Catterson, modified and reversed two rulings by Supreme Court Commercial Division Justice Helen E. Freedman.
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