Our client had been placed into care by a London-based local authority around 1989, when she was 4 years old. Her mother was suffering from serious long-term mental health issues and her natural father was a violent alcoholic.
Restructuring & Insolvency analysis: David Bowden, solicitor-advocate of David Bowden Law, Andy Whelan, insolvency practitioner and partner at WSM Marks Bloom LLP, and David Oliver, consultant at Verisona Law (who acted for the successful directors), discuss the recent decision in Grant and another v Ralls and others.
The company was facing severe financial problems and therefore a group of directors invited Quantuma and Verisona to attend an initial meeting in Woking to assist in identifying a way forward as an alternative to what was being proposed by the majority shareholder. Verisona Law later handled the appointment of the administrators by a debenture holder. Thereafter the firm was appointed by the administrators to represent them and to act on the sale of the club to a newly formed consortium.
Verisona Law took over the representation of the liquidator in this complex matter from another firm of solicitors.
Verisona Law has been involved in 3 cases recently where they have been asked to advise and become involved in situations where banks have reneged on previous understandings regarding the duration of loans. This has involved lengthy investigation and correspondence with various banks as a result of which agreement was eventually reached in 2 cases and in the third the customer’s formal written complaint is on-going.
Verisona Law was instructed to advise on the prospects of successfully defending the claims being made by the joint liquidators based upon various breaches of the Insolvency Act 1986, particularly wrongful trading for which £993,000 was sought from our client, a former director