Phillip D’Costa gives insight on breakdown of Mallya’s UK assets seizure order

Updated:7 years, 4 months ago

London (UK), Jul 07 (ANI): In light of a London court issuing an order to seize liquor baron Vijay Mallya’s assets in the United Kingdom, Phillip D’Costa of the Penningtons Manches law firm gave insight on the execution of the order. “Once court orders, the debtor has to be given a seven-day notice. The Court's enforcement officers will then visit the property, seize goods, make an inventory and then the goods are auctioned, the proceeds of which go towards reducing the debt owed to the creditor,” D’Costa said. He also mentioned that there were very limited grounds on which the order could be stayed. “The order can be stayed if it is granted by the court, however, there are very limited grounds on which an order can be stayed, one of which being if the debtor is unable to pay the amounts due,” he said.