£105k
Transaction at
Undervalue & Misfeasance  

header 986

 
   

 IP Firm

North East Boutique Recovery Specialist

 

Type of Investment

Funding the Office Holder

Start Date
November 2013

Completion Date
September 2014 (11 months)

 

     
   
 

The Office Holder of this North East based engineering company had identified a number of suspicious transactions undertaken by the Managing Director and majority shareholder shortly prior to his appointment. First, monies had been transferred to a sister company (wholly owned by the MD) for no value to the Insolvent Company. Secondly, two properties had been sold as apparent undervalues to the MD's daughters.

The Office Holder's solicitors were concerned that none of the correspondence sent to the MD was being replied to. Manolete organised and paid for an investigator to confirm that the MD's address was his current residence and then hand-delivered the next round of papers. Once the MD had been directly contacted and he realised that the Office Holder had secured funding for his claims, he soon entered negotiations to settle. As the process was conducted speedily the legal fees amounted to only £14k and the Insolvent Estate received the majority of the remaining proceeds.

“We were about to think we were going to have to give up on this before Manolete became involved. Thank you, we will certainly be using you again”.
– QUOTE FROM THE OFFICE HOLDER

 
 
£105k
Transaction at
Undervalue & Misfeasance 

header 986

 
   

 IP Firm

North East Boutique Recovery Specialist

 

Type of Investment

Funding the Office Holder

Start Date
November 2013

Completion Date
September 2014 (11 months)

 

     
   
 

The Office Holder of this North East based engineering company had identified a number of suspicious transactions undertaken by the Managing Director and majority shareholder shortly prior to his appointment. First, monies had been transferred to a sister company (wholly owned by the MD) for no value to the Insolvent Company. Secondly, two properties had been sold as apparent undervalues to the MD's daughters.

The Office Holder's solicitors were concerned that none of the correspondence sent to the MD was being replied to. Manolete organised and paid for an investigator to confirm that the MD's address was his current residence and then hand-delivered the next round of papers. Once the MD had been directly contacted and he realised that the Office Holder had secured funding for his claims, he soon entered negotiations to settle. As the process was conducted speedily the legal fees amounted to only £14k and the Insolvent Estate received the majority of the remaining proceeds.

“We were about to think we were going to have to give up on this before Manolete became involved. Thank you, we will certainly be using you again”.
– QUOTE FROM THE OFFICE HOLDER

 
 

header 986

£105k
Transaction at
Undervalue & Misfeasance

 IP Firm

North East Boutique Recovery Specialist

 

Type of Investment

Funding the Office Holder

Start Date
November 2013

Completion Date
September 2014 (11 months)


The Office Holder of this North East based engineering company had identified a number of suspicious transactions undertaken by the Managing Director and majority shareholder shortly prior to his appointment. First, monies had been transferred to a sister company (wholly owned by the MD) for no value to the Insolvent Company. Secondly, two properties had been sold as apparent undervalues to the MD's daughters.

The Office Holder's solicitors were concerned that none of the correspondence sent to the MD was being replied to. Manolete organised and paid for an investigator to confirm that the MD's address was his current residence and then hand-delivered the next round of papers. Once the MD had been directly contacted and he realised that the Office Holder had secured funding for his claims, he soon entered negotiations to settle. As the process was conducted speedily the legal fees amounted to only £14k and the Insolvent Estate received the majority of the remaining proceeds.

“We were about to think we were going to have to give up on this before Manolete became involved. Thank you, we will certainly be using you again”.
– QUOTE FROM THE OFFICE HOLDER