We are delighted to report that following the signing of our wide-ranging co-operation agreement with Burford Capital in July 2013, Manolete Partners Plc has already completed a number of joint UK insolvency litigation case investments with Burford.
Two funding agreements have been completed with leading London-based IP groups covering UK insolvency claims each worth well over £10m. Both investments provide the Office Holders and their legal teams with close to £2m of financing to pursue a range of Insolvency Act claims for the benefit of the creditors’ estates. The financing packages provide very significant sums of direct finance to pay for the Office Holders’ own legal costs as well as high levels of integrated ATE funding. Manolete Partners is also providing vital investigation financing to enable the Office Holder to complete crucial pre-issue investigation work on one of the cases. Under both financing arrangements the solicitor and barrister teams also receive monthly, guaranteed funding support from Manolete and Burford.
Even though the insolvency claims are worth well in excess of £10m, it took the combined Manolete/Burford team less than three weeks to complete the full funding package – including stapled ATE cover.
Separately, the Manolete/Burford alliance has also now completed other ATE and funding arrangements with other UK Office Holders to support bankruptcy claims.
Commenting on these developments, Steven Cooklin, Chief Executive of Manolete Partners Plc, stated: “The joint venture with Burford has hit the ground running in the UK insolvency litigation market. We have been able to deploy Burford’s significant financial resources, alongside our own balance sheet, across a number of our larger UK Corporate and Personal insolvency cases. The speed and quality of our execution has been fully supported and augmented by Burford’s UK team and I am simply delighted with the immediate and significant traction that we have achieved”.
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