In just 8 months we have been able to settle a set of claims for North East based Joint Liquidators. The insolvent company sold and installed solar panels. The Company became insolvent following a VAT inspection in 2014 which revealed material discrepancies. Following an alleged flood, all primary company books and records had been lost. However, the Office Holder’s team did a superb job of reconstructing the accounts from bank statements and VAT records.
With funding from Manolete Partners various Insolvency Act claims were launched including s212 and Preference claims. As usual, the IPs choice of lawyers acted on the case and were paid by us on a normal time-cost basis.
The matter was settled for £70,000 at a mediation in late April 2016 – just eight months after we have signed the funding agreement with the Joint Liquidators.
As Manolete Partners self-insure all adverse cost risk, no ATE was required – we take the full risk of losing all of our cases so there is no ATE insurance charge whatsoever to the case. As we do not use CFAs there was no success fee payable either from the settlement proceeds. This meant that the majority of the proceeds were returned to the insolvent estate for the benefit of the creditors.
Another good example of how Manolete’s unique insolvency litigation model works highly effectively on even small claims.