Asset tracing and recovery involves identifying, securing, and following the movements of assets. These assets include money, other financial assets, real estate, business interests, vehicles and other types of property. Assets are traced and recovered in order for the assets to be returned to, or liquidated for, the benefit of their rightful owner.

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Assets Tracing and Recovery Services

There are many explanations as to why a person or company might wish to conceal the full extent of their assets. Some hide and launder proceeds of crime, others will attempt to reduce their obligations in a divorce proceeding. Of course, evading taxes, dodging credit or sand causing angst for civil judgements are other common motivators for obscuring wealth and assets.

As a result, nagel + associates’ forensic accountants are often necessary before, during, and after many different types of litigation proceedings and transactions, including the following scenarios:

  • A victim of fraud seeking to recoup defalcated funds
  • A person involved in a matrimonial dispute who seeks to identify assets or income hidden by their former spouse
  • Parties to a litigation seeking to enforce judgements or restitution and forfeiture orders
  • Creditors and others with a vested interest who are involved in a bankruptcy, insolvency or receivership case
  • Assessing the financial resources of a potential defendant to an action or a potential party to a transaction, in order to determine whether to proceed with the litigation or transaction

When assets are at risk of being dissipated or concealed, it is vitally important to act promptly, decisively and in a manner befitting for such a serious crime. nagel + associates has the knowledge, experience, and capability to assist clients who seek to find, follow, and recoup their valued assets.

Sources of Information in Asset Tracing & Recovery

The sources of information that are most relevant and applicable in an asset tracing and recovery engagement depend on unique subtleties of each case. However, most will include assembly and review of the following:

  • Banking records including account statements, cheque copies, wire confirmations, and deposit slips
  • Accounting records, financial statements and general ledgers
  • Tax returns and other tax records
  • Public records relating to other current or prior litigation proceedings involving the defendants
  • Real estate records
  • Corporate filings and business name registrations
  • Internet searches and various social media platforms
  • Electronic evidence, such as emails, text messages and phone records

Legal Processes to Assist in Asset Tracing & Recovery

The forensic accounting firm of nagel and associates works jointly with clients and their legal counsel by utilizing a variety of mechanisms and tactics to identify and track down funds and other assets in order to facilitate their recovery and a favourable outcome. We have extensive experience in assisting legal counsels to obtain court orders, injunctions, and other forms of relief, including:

  • Norwich Pharmacal orders
  • Anton Piller orders
  • Mareva injunctions
  • Wagg motions
  • Certificates of Pending Litigation

We support our clients and legal counsel by:

  • Drafting and reviewing orders to ensure that all potentially relevant financial records are included
  • Preparing reports, affidavits and schedules in support of motions
  • Assisting legal counsel with the execution of orders
  • Performing forensic accounting and computer forensic analysis of materials obtained through legal proceedings, preparing reports, affidavits and schedules which lay out our findings based on this analysis
  • Working with our contacts in various foreign jurisdictions throughout the world, allowing us to trace assets on a global scale

A prominent Canadian businessman was accused of concealing the complete extent of the company’s assets from his two business partners by creating a complex structure of holding companies and oversea shell companies. These were setup for the sole purpose of moving assets from Canada overseas and concealing the true identity of the Directors and Officers of the entities and the assets they held.

The two partners decided they would hire forensic accountants in order to perform a global asset trace, which would provide a foundation for the link between the accused and the various assets that he purportedly held and was attempting to conceal. The forensic accountants were able to ‘infer’ ownership through a variety of different evidentiary support that they had obtained.

Having proved a ‘wrongdoing’, the forensic accountants report was used as the basis for legal counsel to obtain a Norwich Pharmacal in order to obtain specific documents which further aided in connecting the accused to his assets. Once this information was acquired it was used to obtain a ‘freezing order’ to prevent the dissipation of his assets which could be liquidated in order to remedy the victims’ losses and to pay their litigation fees.

Relevant Evidence:

  • Text Messages
  • Email
  • Banking Records
  • Accounting Records
  • Real Estate Records
  • Corporate Filings and business names registration

To determine whether your organization may be susceptible to fraud, take the following brief survey: