July 12th 2016

Manolete victory in Supreme Court

We are pleased to announce that Manolete has defeated Hastings Borough Council in the Supreme Court.

This is the third successive victory for Manolete on this case – having won in the Technology and Construction Court in 2012 and then in the Court of Appeal a year later.

Martin Bowdery QC of Atkin Chambers and Gaby Hardwicke, Solicitors acted for Manolete Partners.

The multi million pound claim relates to compensation under the Buildings Act 1984. The Council is now liable to pay “full compensation” as set out in the Act.

Stylus Sports Limited was forced into liquidation when Hastings Borough Council used Emergency Powers to close Hastings Pier in June 2006. No notice was given by the Council to the pier tenants and the three month closure, during the peak Summer period, destroyed Stylus’ business. Manolete purchased the claim from Stylus and has financed the large legal and expert costs to take the claim through all three trials and an Arbitration.

The case will soon resume in Arbitration, where the Arbitrator will decide Damages, Interest and Costs. At the end of that process the long suffering creditors will finally receive compensation. The Manolete purchase model no longer uses ATE (due to our 99% record of success, all adverse cost and risk is simply assumed by Manolete and a full indemnity given to the IP and the Company) and Manolete has never used CFAs: therefore the entire gross proceeds from the claim are available for distribution to the Insolvent Estate and the Funder.

Manolete CEO, Steven Cooklin commented: “Most private companies and individuals who are the defendants of our claims, see the good sense in negotiating a sensible early commercial settlement, rather than expending large legal costs on both sides. Besides, we have only ever lost one of our 144 cases.

However, this case amply shows that we are willing and able to go through an extended and expensive legal process if and when that is what is necessary to achieve justice for the creditors”.