frozen asset

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Frozen Asset

An asset that the owner may not sell or use because of a debt that has not been paid. A frozen asset is often, but not always, the pledged collateral on the debt. The asset remains frozen until the debt is settled or the creditor is otherwise satisfied. Generally speaking, the asset's owner is notified in writing that his/her asset has been frozen, but this is not always the case.

frozen asset

An asset that may not be liquidated.
References in periodicals archive ?
Two Ukrainian oligarchs acquired Cyprus's Quickpace Ltd, a company with $160m (AaAaAeA@1/4133m) in illicit frozen assets controlled by Ukraine ousted president Viktor Yanukovych, Aljazeera reported on Sunday.
The fact of being listed in the ordinance on frozen assets does not necessarily mean that the persons concerned hold assets in Switzerland.
Tehran, in November, declared that USD five billion in frozen assets had been released after signing the nuclear accord with the super powers and that the funds were being shifted to Oman on monthly basis.
TEHRAN (FNA)- An Iranian banking official announced that over 10 million euros of Bank Mellat's frozen assets in Europe has been transferred via Germany to the bank's branch to Yerevan, Armenia.
UN Secretary-General Ban Ki-moon is ready to help settle a dispute between Iran and the United States on Tehran's frozen assets, but only if both countries make that request, a UN spokesman said Friday.
Speaking about some Arab states' concern over unblocking of Iran's frozen assets in international banks, following the removal of international sanctions on the country, Alan Eyre said that the reality should be accepted - that there is a possibility that Iran may use part of unblocked assets to destabilize the region.
The meeting was an opportunity to co-ordinate on all issues related to the programme established by the United Nations and the Tunisian government to recover stolen and frozen assets, said Ali Bin Fetais Al Marri.
Moving, transferring or dealing with frozen assets without the permission of the Competent Authority is prohibited.
Global Banking News-February 3, 2014--First tranche of Iran's frozen assets deposited to bank account
The task force is currently taking preliminary steps for the return of the country's frozen assets and specifying the exact amount of the properties, the source said, speaking on condition of anonymity.
Those with frozen assets include Supreme Guide of the Muslim Brotherhood Mohamed Badie and his deputies Khairat El-Shater and Rashad Bayoumi, according to state-owned Al-Ahram.
The directive must also allow prosecutors to temporarily freeze assets that might disappear in the absence of intervention, subject to confirmation by a court (precautionary and restraining seizure), and to require states to manage the frozen assets to keep them from depreciating before being confiscated (asset management).