April 2016 – Deloitte and Manolete Win £2.2m High Court Battle –

We are pleased to announce that we have won a substantial case in the High Court. We were funding two senior IPs from Deloitte LLP, as joint administrators of an insolvent electronics retail company.

The trial was listed for 15 days but the defence collapsed early into Day One. An order against the four former directors of the insolvent company was made by Mrs Justice Asplin for 98% of the damages, plus interest since the date of administration plus a large majority of our costs.

The case covered various heads of claim including illegal dividends and misfeasance.

Counsel was Edward Cohen of Enterprise Chambers, instructed by Kidd Rapinet Solicitors, led by Cyrus Medora

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April 2016 – High profile celebrity brought to account

After 5 years chasing a high profile celebrity, a leading IP firm called BRI turned to Manolete’s insolvency funding model to bring the “Legend” to account.

Within 12 months we were able to settle the matter for £175,000.

Click here to read the IP’s case study.

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April 2016 – Exponential Growth in Case Investments and Case Closures

In September 2015 we celebrated investing in our 100th insolvency litigation case at a big party with 300 professionals and friends from the Recovery community. It had taken Manolete Partners six years to achieve its first 100 investments.

In the last six months since then we have grown the number of invested cases to 140. We are therefore on track to complete our next 100 cases in a fraction of the time that it took to complete the first 100.

Graph - Exponential growth of case investments and closures

The even more remarkable statistic is that of those 140 signed insolvency litigation investments, we have completed 100. The most efficient case completion rate in the World.

The cases have come from a broad cross section of the insolvency and restructuring community. Around half come direct to us from Recovery Practices – these range from multiple cases with the “Big Four” through to most of the top 50 firms in the UK and many of the SPG community. The other half come from solicitors across the UK.

Commenting on these statistics, Steven Cooklin, CEO of Manolete said: “The numbers reflect the model. The model delivers and delivers fast for creditors, IPs and their legal advisers. The quality of work we see from IPs and insolvency lawyers throughout the UK is simply outstanding. Very often I think that they do not get anywhere near the credit they deserve. Without that work, our business would be impossible. So when I hear grumbles about IP fees etc I think those comments are misguided and misinformed. When a case comes to us, the work done is invariably of incredibly high quality and has been very time-consuming. Very often the IP will have done that work for little or no payment out of the estate. They are then dependent upon working with us and their lawyers to make a realisation. And it is the creditors who ultimately benefit from all that work.

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