Re Smith

Proceeds of crime – Receiver. There was a compelling case for making a receivership order where there was a serious and severe risk that, without it, the relevant assets might be dissipated, so as to be unavailable to meet a confiscation order. The Chancery Division so ruled, having earlier held that the Serious Fraud Office (SFO) had established a good arguable case that the property in question constituted realisable property of the relevant individual, Dr S. Further, to protect the position of innocent third parties, the court ruled that a modified 'Piggott' condition would be included in a restraint order to preserve the court's ability to make an order that the SFO should be responsible for bearing the receivers' costs, if it should subsequently be decided that the property did not constitute the realisable property of Dr S.