This case involved a whitewash report which it was said was negligently prepared by accountants, resulting in the approval of a transaction which caused the company to become insolvent shortly afterwards.
The case was pursued using litigation finance by the liquidator of the company who otherwise lacked the resources to pursue the claim.
With the benefit of litigation finance to take the case to a conclusion, the liquidator was able to commence the claim and achieve an early settlement and recoveries to the creditors.
Professional Negligence / Insolvency
Retail
Africa, Middle East, Canada, Caribbean, Latin America
+44 (0) 203 327 3464
neil.purslow@therium.com
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The claim alleges that a global insurance company breached its contract of insurance with its client, an industrial company, by failing to pay out for losses due to Business Interruption.
The Company was placed into liquidation and the Liquidator is now pursuing the claim against the insurer.
The case relates to the topical issue of business interruption insurance, a source of much litigation arising out of the COVID-19 pandemic.
Therium’s funding provides the liquidator with resources to bring the claim.
Breach of Contract / Insurance / Insolvency
Financial Services / Natural Resources / Insurance
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Contractual dispute on behalf of an insolvent contractor over final settlement of Engineering, Procurement, Construction and Installation work offshore.
With funding, the insolvency practitioner was able to engage an experienced litigator and re-start the claim which had been stayed due to the bankruptcy. Court mediation was initiated and the claim was settled successfully.
Therium’s funding of the bankruptcy estate gave the insolvency practitioner certainty that a full litigation process through all court instances was financially feasible, facilitating early settlement.
Breach of Contract / Insolvency
Energy
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Therium has funded several claims brought by liquidators of companies against a financial institution arising out of carbon-credit fraud in which the companies, their former directors, and the financial institution, were involved.
The companies had insufficient assets to fund the liquidators’ claims, so litigation funding, coupled with a variety of contingency-fee arrangements with the professional team, enabled the claims to proceed. The case centred on dishonesty and accessory liability and was therefore evidentially complex.
The primary claims settled successfully, disclosure providing further claims to be made against further parties involved in the underlying transactions.
Insolvency / Fraud
Financial Services
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