The `Frozen Assets' of the title belong to Edmund Biffen Christopher and they are the legacy of his Godfather which he will receive if he manages to avoid been arrested, something of a previous habit of Biffen's, until after his thirtieth birthday one week hence. Lord Tilbury, proprietor of the Mammoth publish company, whom we met previously in `Bill the Conqueror', `Summer Lightning' and `Heavy Weather', is keen that Biffen does fall foul of the law as he will then receive the legacy himself. Tilbury has therefore engaged his usual henchman, Percy Pilbeam, to ensure that Biffen is lead astray and that it is brought to the attention of the constabulary.

Only Wodehouse can scare up a happy ending where everyone gets exactly what is coming to them.