In this article, Andrew Bowen QC considers the issues of tracing and substitute property in financial fraud cases, with specific reference to the recent case of Relfo Ltd (in liq) v Varsani [2015] 1 BCLC 14.

This article was first published in Greens Business Law Bulletin, Issue 136 (published June 2015) and is reproduced here with the kind permission of W. Green, The Law Publishers.