stephen-baister-manolete-team

July 2017 – Former Chief Registrar Stephen Baister to Join Manolete Partners

London: Manolete Partners announced today that former Chief Bankruptcy Registrar, Dr Stephen Baister, would be joining their team as Senior Advisor.

Stephen, a former solicitor and licensed insolvency practitioner, is an honorary member of the Insolvency Lawyers Association and has been President of the Chartered Institute of Credit Management since 2010. He will take up his position formally with Manolete Partners in October.

Manolete specialises in insolvency litigation claims and is now the largest litigation funder by volume of single claim cases in Europe and North America. The business has been operating since 2008 and adopts a different approach by often buying whole claims, which are invariably settled quickly with sizeable returns to creditors.

Manolete has made 180 case investments, 135 of which have been completed in an average of just 10 months. The amount recovered for insolvent estates was over £30m. The first six months of 2017 saw Manolete complete 25 insolvency litigation claims: a rate of one completed case per week with 96% success rate.

Steven Cooklin, CEO of Manolete, said: “We are absolutely delighted Stephen is joining us. The market is really accelerating so we could not have wished for someone with more experience and knowledge of the sector. Stephen is highly respected across the board and he will be a huge asset to our operation. There is no doubting the significant benefits he will bring to our business.”

Stephen Baister said, “I am very much looking forward to my new role as Senior Advisor and working closely with the Steven and the rest of the Manolete team. I have great respect for the way Manolete can resolve cases quickly and so yield a fast and positive return to creditors. Manolete has taken insolvency litigation in a new direction. The figures demonstrate the wider possibilities this new model brings.”

 

28 Cases Completed in first Seven Months of 2017

Manolete continues to report a fast rate of case completions for Insolvent estates – in the current year to date, on average, Manolete has fully completed cases at a rate of one a week. The 28 cases range from £20,000 – £2m claims against dodgy directors,  through to multi-million pound claims against major UK quoted companies.

Manolete achieved a 93% success rate which has resulted in over £3.1m of payments into insolvent estates and over £1m paid to IPs legal advisers.

In all cases Manolete self-insures the ATE cost at zero cost to the case. Manolete also never uses CFA fee structures in paying legal advisers – all law firms and counsel are simply paid at normal rates, as the work is undertaken. ATE premiums and CFA fees are deducted from recoveries before any value goes to creditors. This will often leave the creditors with little or zero return. Manolete’s model never uses ATE nor CFAs, so results for the Estate and the creditors are maximised.

In the small minority of cases that fail, Manolete pays all of the IPs own legal costs and any and all adverse costs under its standard indemnity. For example, during this current period, Manolete funded a Trustee in Bankruptcy through to trial on a TUV claim. While we won the case and damages were awarded to the TiB, unusually, a much larger cost figure was awarded against the TiB. We rapidly agreed and paid those costs to the other side (a significant six figure sum) and settled the final remaining own side costs for the TiB’s legal team (a very large UK solicitor firm and leading London counsel), also a significant six figure sum.

While our model continues to generate fast multi-million pound recoveries for insolvent estates and creditors – we are always there to pick up all the pieces when things don’t go quite as planned.

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