On 30th September 2016, we announced that we had signed our 150th insolvency litigation case. Five weeks later – we are already at 155 cases, with five new cases signed in the last five weeks.
109 of those cases have been completed in a record average time of just over 8 months per case (compared to IMF Bentham’s published average case length of 2.4 years) – recovering tens of millions of pounds for UK insolvent and bankrupt estates.
New cases continue to come from repeat customers (Insolvency Practitioner firms that have used Manolete on prior cases) but 40% of recent new cases have come from first time IP and law firm customers.
Manolete CEO, Steven Cooklin, commented: “While it is always very pleasing to get repeat business, it is particularly good to see record numbers of cases coming from IP firms that have not previously engaged with Manolete. Following the implementation of the Jackson Reforms, there are clear signs in the market that IPs are now turning to Manolete’s litigation financing solutions as the preferred option for the benefit of creditors. Our track record proves that returns to estates are invariably better and quicker than under the old CFA/ATE regime -this was borne out by Professor Peter Walton’s most recent report on the Insolvency Litigation Funding Market and key comments from the TRI Award judges that recognised Manolete’s high level of recoveries when naming Manolete as the Insolvency Litigation Funder of the Year”.
Manolete’s litigation financing solutions are specifically tailored for the insolvency market:
- The estate and the IP is given a full indemnity against any adverse cost award – so even though the estate stands to recover the majority of the proceeds from a case, the IP and the creditors bear no risk whatsoever
- All ATE cover is provided for free (as ATE takes a large and expensive “top slice” of any recovery, our products maximise estate returns in all instances, particularly on smaller cases)
- We have never used brokers, so there are no “hidden brokerage fees” in our pricing nor packaged into ATE rates
Manolete always pays an immediate cash amount into the estate plus a majority share of the net proceeds. We can also offer a one-off cash payment if the IP wishes to close the estate
- Most funders strictly limit the amount of funding that they are prepared to offer an IP – we offer unlimited financial support
The IP chooses his/her preferred legal firm and counsel – there is no preferred panel of solicitors or counsel and we have no conflicts of interest by having a sister law firm
- All lawyers and counsel are paid on normal hourly rates – we have never used a conditional or contingent fee agreement (as these only serve to greatly increase the costs of a case)
- The IP is paid for any additional important investigation work that we require to support the case
- There are no “hidden fees” and no “preferred return to the funder” – Manolete only ever makes a return when the estate makes a return – we are therefore uniquely aligned to maximise the creditor outcome