28 cases completed in first seven months of 2017
Manolete continues to report a fast rate of case completions for Insolvent estates – in the current year to date, on average, Manolete has fully completed cases at a rate of one a week. The 28 cases range from £20,000 – £2m claims against dodgy directors, through to multi-million pound claims against major UK quoted companies.
Manolete achieved a 93% success rate which has resulted in over £3.1m of payments into insolvent estates and over £1m paid to IPs legal advisers.
In all cases Manolete self-insures the ATE cost at zero cost to the case. Manolete also never uses CFA fee structures in paying legal advisers – all law firms and counsel are simply paid at normal rates, as the work is undertaken. ATE premiums and CFA fees are deducted from recoveries before any value goes to creditors. This will often leave the creditors with little or zero return. Manolete’s model never uses ATE nor CFAs, so results for the Estate and the creditors are maximised.
In the small minority of cases that fail, Manolete pays all of the IPs own legal costs and any and all adverse costs under its standard indemnity. For example, during this current period, Manolete funded a Trustee in Bankruptcy through to trial on a TUV claim. While we won the case and damages were awarded to the TiB, unusually, a much larger cost figure was awarded against the TiB. We rapidly agreed and paid those costs to the other side (a significant six figure sum) and settled the final remaining own side costs for the TiB’s legal team (a very large UK solicitor firm and leading London counsel), also a significant six figure sum.
While our model continues to generate fast multi-million pound recoveries for insolvent estates and creditors – we are always there to pick up all the pieces when things don’t go quite as planned.