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Denali v Manson and the intersection of sanctions law and insolvency
The consequences of getting it wrong are severe yet the legislation often leaves practitioners without clear answers to commercially significant questions. The recent English High Court decision in Denali Corp – FZCO v Manson considers one of those unanswered questions: when a designated person holds contractual rights whose value is uncertain, do those rights constitute "funds" or an "economic resource" under the UK sanctions regime?
The distinction is not academic. It determines the scope of the asset freeze, the range of conduct that could amount to a criminal offence, and as the…
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