£65k Misfeasance (s212)
IP Firm: London Boutique Recovery Specialist
Type of Investment: Purchase of Claim
Start Date: June 2017
Completion Date: November 2017 (5 months)
The Company had attempted a compulsory strike off but HMRC has objected and insisted upon a thorough investigation by a professional IP. That investigation unearthed several questionable transactions between the Director and the Company in the lead up to insolvency. Also present was a number of questionable transactions between the Company and the Director’s connected companies.
As the IP had not yet appointed solicitors, following Manolete’s purchase of the claim and with the IP’s approval, we were able to appoint Howes Percival to advise us on the matter.
Following receipt of Howes Percival’s Letter Before Action, the Director contacted Manolete to arrange a Without Prejudice meeting. At that meeting the Director was keen to resolve the matter. He knew he had little to offer in defence of the transactions and was therefore keen to expend further sums in legal fees on a case he would inevitably lose if it went to Court.
“We were delighted with the quick resolution of this matter”– QUOTE FROM THE OFFICE HOLDER