In a Reported Case brought by Mr Tim Ball as Liquidator of PV Solar Solutions Limited, Manolete was able to fund the first ever case where directors duties had been subject to detailed judicial consideration in the context of tax avoidance schemes.
The Court Awarded to the Liquidator the full amount of the damages claimed (£758k).
As Manolete Partners does not use ATE nor CFAs, the entire amount is available to the Creditor Estate, which includes HMRC as the largest creditor.
The full case report can be found at:
Last week two judgments were handed down on two significant insolvency claims that had been funded by Manolete Partners, each over a two year period.
The first trial lasted three days and resulted in a total award of over £1m (including 100% of claimed damages plus interest at 3% compound plus full cost recovery) for a regional office of a Top 10 International Accountancy firm. After all costs, £538k was recovered by the Insolvent Estate. HMRC was the largest creditor. As usual, this claim had come direct to Manolete Partners (via the IP and his solicitors). Thus no broker commissions were incurred. Manolete also provided full adverse cost cover (at zero cost to the estate). By avoiding the need for ATE and the use of brokers, as well as paying the legal costs as they were incurred (rather than on a CFA), the recovery to the Insolvent Estate was maximised.
The second trial also lasted three days and resulted in a total award of over £500k for the London office of a Top 6 International Accounting firm. After all costs, £262k was recovered by the Insolvent Estate. Again no brokers, no ATE and no CFAs were used, resulting in an excellent, risk free, return for the Creditor Estate.
Steven Cooklin, Manolete CEO, commented: “these are very significant results for both estates. Neither estate had any assets to finance the claims. Both sets of defendants refused to engage in ADR which meant we were forced all the way to the end of trial. We always welcome the opportunity to settle claims quickly and commercially wherever possible, but our model and our financial strength enables us to take our cases to Court whenever necessary. Manolete has a 100% win record in Court, so we urge all our defendants to meet with us as early as possible to avoid facing an inevitability much larger costs bill – theirs as well as having to pay ours.”