£200k
Wrongful
Preference

header 986

 
   

 IP Firm

Reading Boutique Insolvency Specialist

 

Type of Investment

Funding the Office Holder

Start Date
July 2014

Completion Date
October 2015 (15 months)

 

     
   
 

This was a claim against a High Street bank. The Insolvent Company was a medium-sized publishing company and the last in the line of a number of phoenix companies all factoring with the same bank. The Office Holder has identified a strong Preference claim as the bank had been repaid ahead of other creditors.

Manolete funded the Liquidator - the claim was vigorously disputed in pre action correspondence. With both sides taking such entrenched positions, we fully supported the Office Holder's decision to issue proceedings.

Immediately following service of proceedings, the bank replaced their solicitor firm who quickly requested a mediation to resolve matters. In fact, the entire tone of the correspondence changed to a far more constructive basis.

Shortly after the mediation, the bank agreed to pay the claim in full, plus interest and all legal costs (£200,000). Payment was received, in full, just seven days later.

All IP costs and were expenses paid in full from the recovery and a dividend was paid to the creditors.

“Our position felt much more secure and credible with a strong funder behind us – very different to a CFA/ATE arrangement”.
– QUOTE FROM THE OFFICE HOLDER

 
 
£200k
Wrongful
Preference

header 986

 
   

 IP Firm

Reading Boutique Insolvency Specialist

 

Type of Investment

Funding the Office Holder

Start Date
July 2014

Completion Date
October 2015 (15 months)

 

     
   
 

This was a claim against a High Street bank. The Insolvent Company was a medium-sized publishing company and the last in the line of a number of phoenix companies all factoring with the same bank. The Office Holder has identified a strong Preference claim as the bank had been repaid ahead of other creditors.

Manolete funded the Liquidator - the claim was vigorously disputed in pre action correspondence. With both sides taking such entrenched positions, we fully supported the Office Holder's decision to issue proceedings.

Immediately following service of proceedings, the bank replaced their solicitor firm who quickly requested a mediation to resolve matters. In fact, the entire tone of the correspondence changed to a far more constructive basis.

Shortly after the mediation, the bank agreed to pay the claim in full, plus interest and all legal costs (£200,000). Payment was received, in full, just seven days later.

All IP costs and were expenses paid in full from the recovery and a dividend was paid to the creditors.

“Our position felt much more secure and credible with a strong funder behind us – very different to a CFA/ATE arrangement”.
– QUOTE FROM THE OFFICE HOLDER

 
 

header 986

£200k
Wrongful
Preference

 IP Firm

Reading Boutique Insolvency Specialist

 

Type of Investment

Funding the Office Holder

Start Date
July 2014

Completion Date
October 2015 (15 months)


This was a claim against a High Street bank. The Insolvent Company was a medium-sized publishing company and the last in the line of a number of phoenix companies all factoring with the same bank. The Office Holder has identified a strong Preference claim as the bank had been repaid ahead of other creditors.

Manolete funded the Liquidator - the claim was vigorously disputed in pre action correspondence. With both sides taking such entrenched positions, we fully supported the Office Holder's decision to issue proceedings.

Immediately following service of proceedings, the bank replaced their solicitor firm who quickly requested a mediation to resolve matters. In fact, the entire tone of the correspondence changed to a far more constructive basis.

Shortly after the mediation, the bank agreed to pay the claim in full, plus interest and all legal costs (£200,000). Payment was received, in full, just seven days later.

All IP costs and were expenses paid in full from the recovery and a dividend was paid to the creditors.

“Our position felt much more secure and credible with a strong funder behind us – very different to a CFA/ATE arrangement”.
– QUOTE FROM THE OFFICE HOLDER