As reported widely in the media, Manolete Partners Plc yesterday defeated Hastings Borough Council in the Court of Appeal.
Manolete originally purchased the claim via the Liquidator of Stylus Sports Limited (Ian Cadlock) and won the right to full compensation from the Council in April 2012 following the damage caused to Stylus’ bingo and amusements businesses following the emergency closure of Hastings Pier in 2006. Hastings Borough Council then appealed the decision but the three judges in the Court of Appeal (led by Lord Justice Jackson) yesterday upheld the original decision in Manolete’s favour. The judges also refused the Council the right to further appeal to the Supreme Court.
Speaking on BBC Radio last night, Manolete CEO, Steven Cooklin said it was a “fabulous result for the long suffering creditors of Stylus Sports” as this case dated back to events nearly eight years ago. Under Manolete’s widely used insolvency litigation model, having taken 100% of the cost risk, Manolete pays over 50% of the net proceeds to the insolvent estate. With the claim value in the £millions, the Stylus creditors now have a real prospect of a significant recovery.
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