While the finer details are subject to a confidentiality undertaking, we are pleased to announce that we have concluded a £2m+ settlement on a wrongful trading claim relating to a UK company.
The case took just over 16 months to complete and we used our Large Case Integrated Product (“LCIP”) to fund the case. This featured Manolete funding all of:
- All the IP’s investigation costs being paid as incurred
- London solicitors paid £15k per month for a guaranteed 24 months (total £360k)
- Leading counsel paid normal time costs as incurred
- All other disbursements paid as incurred
Manolete’s share of the proceeds (after deducting all costs) ratcheted down to 25%
Most important of all, creditors received 10x the level of payment that they would have received if the litigation had not been pursued by the Office Holder, taking the creditor dividend to well over 40p in £1.
The Lead Partner of the acting solicitors stated: “I am now a funding evangelist”.
We agree – this was an excellent case study to highlight how Manolete can help IPs and Insolvency Solicitors deliver superior creditor returns, while Manolete de-risks the IP and creditors for all down-side adverse cost exposure.