The Daily Telegraph reported on the increasing frequency with which social media, including Facebook and Twitter is used in legal cases to find hidden assets. The paper explained how the court is now able to make disclosure orders requiring people to produce details of their social media activities.
The information and photographs posted to such sites can often be used to trace illicit and hidden cash. The paper revealed how Facebook had been used to show links between people in a personal injury claims scam, and explained how extravagance on social media can evidence hidden wealth when a party is otherwise claiming poverty in proceedings.
Vardags president, Ayesha Vardag, commented that as well as social media, people are using electronic currencies such as Bitcoin to hide assets. “They can be used to run a parallel economy. People will go to immense lengths as a spousal claims is more damaging than tax because it is half your wealth,” she explained.
Ayesha also explained the risk of Bitcoins and parallel currencies being used to a number of other news outlets. Her comments were featured by CNBC and the Financial Times, which revealed that court orders requiring the disclosure of Bitcoins had already been required in the US courts.
Vardags Limited is a limited company trading as Vardags, Company No 7199468, registered in England and Wales, having its registered office at 10 Old Bailey, London EC4M 7NG. Vardags is authorised and regulated by the Solicitors Regulation Authority (SRA Number 535955). Its VAT number is 99 001 7230.
Vardags uses the term ‘Partner’ as a professional title only, to describe a Senior Solicitor, Employee or Consultant with relevant experience, expertise and qualifications (whether legally qualified or otherwise) to merit the title. Our Partners are not partners in the legal sense. They are not liable for the debts, liabilities or obligations of Vardags Limited. Similarly, the term ’Director’ is a professional title only, to describe a non-legally qualified employee or consultant of Vardags with relevant experience, expertise and qualifications to merit the title. It does not necessarily imply that the relevant individual is a director of Vardags Limited.
A list of the directors of Vardags Limited and a list of the names of those using the title of ’Director’ and ’Partner’ together with their official status is available for inspection at Vardags’ registered office.