We are pleased to announce that Manolete Partners has won a significant landmark case against Hastings Borough Council in the Technology and Construction Court before LJ Ramsey. As this creates new law, under the Buildings Act 1984, this is a Reported Case - the full judgment can be seen at: http://www.bailii.org/ew/cases/EWHC/TCC/2013/842.html
Manolete Partners originally purchased this claim from an insolvent company called Stylus Sports Limited. The Liquidator was from the Brighton Office of RSM Tenon. Stylus Sports had operated a bingo and amusement arcade on Hastings Pier. On 12th July 2006, due to long standing safety concerns, with no notice to the traders on the Pier, Hastings Borough Council closed large parts of the Pier to the public, denying all access to Stylus’ businesses for a period of three months at the height of the summer holiday season. Under the Buildings Act 1984, Manolete Partners believed that Stylus (as a mere tenant of the Pier with no structural repairing obligations) was owed substantial compensation for the closure.
We purchased the claim outright from Stylus – paying an immediate cash sum to the company. As normal, we then pursued the claim in our own name (thereby protecting the Office Holder and company from any cost risk on the case whatsoever) and appointed a legal team to advise us. Our solicitors in this instance were Gaby Hardwicke – Stylus’ own retained law firm, as they clearly had a valuable knowledge of the company and the history surrounding the claim. Sam Townend of Keating Chambers acted as our specialist counsel and we organised and financed expert reports from BDO and Edward Symmons. JLT arranged the adverse cost insurance (purely for our own down-side risk protection) from QBE.
The case went to trial on 25th July 2012 and judgment was handed down in our favour on 15th April 2013. The case now goes through an Arbitration Process to assess the quantum of the claim. Stylus Sports will receive around 50% of the net proceeds of the claim without having to finance any of the cost or bear any risk on the case. A near perfect case study of what Manolete Partners can do for insolvent companies and their Office Holders.
Steven Cooklin, CEO of Manolete Partners Plc commented: “We are delighted with the judgment. Hopefully we are now not too far aware from achieving a really super result for the creditors of Stylus Sports. I am delighted that our firm has been able to provide the route to justice“.