Lenders Win Asset Freeze On Scrap Sellers Over $50M Loan

Law360, London (May 18, 2020, 5:33 PM BST) -- A group of lenders including investment manager Njord Partners have secured a freezing order against two managers of Astir Maritime Ltd., which buys ships to sell to scrapyards, in a dispute over an unpaid $49.7 million loan.

Judge Nigel Teare approved a freezing order at the High Court against Muhammad Tahir Lakhani and his son, Muhammad Ali Lakhani.

The May 1 order prevents Tahir, who is involved in the running of the Astir group, from removing any assets up to the value of $46 million from England and Wales. The order places similar restrictions on Ali — a director of Astir's parent...

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