Last month, we reported that Shakespeare Martineau had launched its ‘FeeManage’ service, an internal litigation funding solution for clients. The firm is now launching ‘InSolvLit’, a similar service centred around its insolvency practice.
The firm will review claims without charge and, where claims have merit, legal fees will be recovered only if the claims are successful and when sufficient funds have been realised.
Heading up the product is partner and insolvency expert Nicola Holton. She said: “We recognise that insolvency practitioners require specialist advice in order to investigate, fund and bring claims forward for the benefit of creditors.”
“Office holders have the duty and powers to investigate wrongdoing or fraudulent activity by the directors of an insolvent business. However, they often don’t have the funds required to obtain legal advice and pursue claims through the court. ‘InSolvLit’ provides a solution.”
“We will provide legal advice and support to pursue claims through the court, if necessary. We offer a range of litigation funding, including no-win no-fee, and work with the leading insolvency litigation funders – ensuring that claims can be pursued and the return to creditors maximised.”
Shakespeare Martineau’s five partner nationally-recognised team of insolvency lawyers has worked with a wide variety of insolvency practitioners from national firms to boutique practices. The firm has been at the forefront of developments in insolvency litigation, including breach of duty claims in relation to tax avoidance schemes and a breach of the Quincecare Duty.
Andy Taylor, national head of Shakespeare Martineau’s restructuring, recoveries and insolvency team, said: “We are pleased to roll out this market-leading initiative. Nicola has a proven track record of successfully bringing these cases to fruition and this product is another example of the innovative approach the team takes to maximising returns to stakeholders.”