You cannot recover an asset you cannot find. Asset tracing is the investigative and legal process of following stolen, misappropriated, or wrongfully transferred assets from the point they left their rightful owner through every subsequent transaction, conversion, and transfer — to identify where they currently are and in whose hands they sit. It is a precondition to recovery.

EAGLEGATE advises on asset tracing in corporate fraud, director misconduct, and commercial dispute matters — using the full range of legal tools available under Australian law: court-ordered disclosure from banks and third parties, equitable tracing through mixed funds, and forensic review of financial records.

The sooner asset tracing begins, the more complete the picture. Delay allows assets to be further transferred, converted, or moved offshore — reducing what is ultimately recoverable.

Key Asset Tracing Expertise — Legal Tools, Forensic Depth, Practical Results

EAGLEGATE deploys the full range of legal asset tracing tools.

Equitable Tracing

Equitable tracing allows courts to follow the proceeds of fraud or breach of fiduciary duty through mixed accounts — even after the specific funds have been commingled with other money. The equitable tracing rules include the lowest intermediate balance rule: a claimant cannot trace more than the lowest balance to which the account fell between the deposit of the misapplied funds and the claim. Where a wrongdoer mixes stolen funds with their own money, equity presumes the wrongdoer spent their own money first, preserving the claimant’s charge over what remains. Where the funds of several innocent victims are mixed together, Australian courts share the available fund rateably (pari passu).

Norwich Pharmacal Orders

A Norwich Pharmacal order compels an innocent third party — most commonly a bank, accountant, or corporate service provider — to disclose information about transactions or accounts that will assist in identifying the whereabouts of assets or the identity of wrongdoers. These orders are available from the Federal Court of Australia and the Supreme Court of Queensland where: a wrong has been committed; the third party holds information that will assist in identifying the wrongdoer or the assets; and it is just and convenient to order disclosure.

Bankers Trust Orders

A Bankers Trust order requires a bank to disclose documents and account information relating to specific accounts — typically to assist in tracing the movement of funds through banking transactions. These orders are routinely used in fraud and asset tracing proceedings to map the path of fraud proceeds through financial institutions.

Freezing Orders in Support of Tracing

Where asset tracing proceedings are on foot, EAGLEGATE applies for freezing orders to prevent assets being further moved or dissipated while the tracing exercise is completed and recovery proceedings are progressed. A freezing order preserves the status quo while the legal proceedings determine entitlement.

Cross-Jurisdictional Tracing

Where assets have been moved to other Australian states or overseas, cross-jurisdictional tracing requires additional steps — including letters of request to foreign courts, Mutual Legal Assistance Treaty (MLAT) processes for criminal matters, and engagement with international correspondents for recovery in overseas jurisdictions. EAGLEGATE advises on the domestic steps and coordinates international steps through its referral network.

1. Map the Transaction History

We reconstruct the movement of assets from the point of taking — through all known transactions, accounts, entities, and transfers — using available financial records and court-ordered disclosure where required.

2. Obtain Court Orders

We identify the appropriate court orders for the specific tracing exercise — Norwich Pharmacal orders, Bankers Trust orders, freezing orders, examination orders — and obtain them promptly.

3. Apply Equitable Tracing Principles

We apply the relevant equitable tracing rules to mixed accounts to identify the traceable proportion of funds — and connect the current holders of those funds to the original wrongdoing.

4. Connect to Recovery

The tracing exercise feeds directly into recovery proceedings — identifying the defendants, establishing their connection to the fraud proceeds, and supporting the claims for return of assets or equitable compensation.