Our Insolvency Litigation Solicitors Successfully Negotiate a Significantly Reduced Settlement Figure
One of our core areas of specialism at NDP is insolvency litigation. Our insolvency litigation solicitors act both for and against Insolvency Practitioners, often when financial recovery claims are issued. These insolvency claims cover a wide range of legal areas, including misfeasance, the breach of a director’s fiduciary duties, transactions at an undervalue, wrongful trading, fraudulent trading and validation orders.
This testimonial looks at how our insolvency litigation solicitors were able to successfully negotiate a significantly reduced settlement figure for a client who was facing a claim from a liquidator for £400,000. The claim alleged the payment of illegal dividends, an overdrawn director’s loan account and paying one creditor in preference to another. These were serious allegations and the size of the claim threatened everything our client had from his business to his house.
This is the Testimonial from our Client
“The NDP Team of insolvency litigation solicitors represented me in claims made against me by the Liquidator of my company, alleging Preferences, overdrawn Directors Loan Account (‘DLA’) and an allegation that I had received the benefit of Illegal Dividends. A financial recovery of £400,000.00 plus interest plus costs was sought from me. I was shell shocked and bewildered.
That claim letter represented a very real crisis, threatening as it did my ongoing limited company business, my employees, the ability of us all to earn a living, not to mention the roof over the head of my family. What to do?”
NDP Were Recommended to our Client. We Immediately Spotted What Options Were Available
“NDP were recommended to me by a mutual business contact. After looking at NDP’s website, I was immediately impressed with the depth of NDP’s experience in such matters. Neil Davies, as a director of NDP, spoke to me at length and explained that whilst the allegations against me were credible and serious, there were still options available to me both legal and practical. Neil was friendly, knowledgeable and immediately put me at ease.
Neil and his assistant solicitor, Gulshan Kumar, explained to me the immediate steps to take. They were incredibly supportive throughout. Neil and Gulshan approached the matter in a pragmatic and structured way. They engaged immediately with the Liquidator’s solicitors and took the heat out of the situation.”
We Sent a “Letter of Response” to the Liquidator Setting Out Our Client’s Defence Position
“A letter of response was put together by NDP that set out my defence position, in a strong and sensible way. They raised matters in support of my defence position that simply had not occurred to me.
The letter opened my eyes to the many lines of defence and the arguments that were available to me. Neil explained to me the practical considerations that would eventually lead to settlement. He called it right.”
A Significantly Reduced Settlement Was Agreed
“After tough negotiations with the Liquidator, a sensible and manageable reduced settlement figure was agreed. The sum I paid was substantially lower than the sum sought from me. NDP negotiated a structured settlement that allowed me the time to pay that I needed. In negotiating this settlement, NDP brought an extremely worrying period in my professional and personal life to an end.
The relief I experienced was enormous and the outcome obtained by NDP was better than I had dared hope for at the outset. This successful outcome has resulted in a huge weight being lifted off my shoulders, allowing me not only time to focus on making my current business a success, but spending valuable stress free time with my family.
I have absolutely no hesitation in recommending Neil, Gulshan and the insolvency litigation specialists at NDP to anyone who finds themselves in a similar situation. I for one will be forever indebted to NDP and know who I will be calling in the event I am ever in a similar position in the future.
They knew the angles, the options. They predicted accurately how things would pan out in terms of possible outcomes, timescales and legal costs. They knew what my opponent wanted and negotiated my exit from my nightmare.
Thank you Neil, Gulshan and the NDP team!”
Contact our Insolvency Litigation Solicitors if You are Facing a Financial Claim From a Liquidator
We are grateful to our client for this testimonial. It shows how our insolvency litigation solicitors work to deliver the best possible outcomes for our clients. If we think we can help, we will always tell you up front. Our experience is that no hole is too deed for us not to be able to help make a difference. Moreover, the sooner you contact us if you are facing a claim from a liquidator, the more we can do to help.
Contact our insolvency liquidation solicitors or call us on 0121 200 7040 for an initial chat.