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
The client had been the subject of a substantial investigation by the Insolvency Service and when Verisona Law was first consulted he faced a lengthy period of disqualification based upon his deemed involvement in the failure of the company.
Verisona Law was originally instructed by a local insolvency practitioner to undertake an initial review of the prospects of realising a long leasehold property whose only income was ground rent and where the asset was the subject of a charge in favour of the bankrupt’s partner.
Verisona Law was initially instructed by a large German holding company to advise on the best way of dealing with a failing subsidiary based in the north of England. Various options were explored in a series of meetings with the German directors including restructuring, the provision of limited further funding, a company voluntary arrangement and a prepack administration. Advice and assistance provided by the team at Verisona Law included dealing with employment issues.
Our client had the opportunity to acquire a freehold mixed use building for development.
After 16 months of commitment and hard work, legal firm Verisona celebrated its success in providing the business support, legal representation and financial management needed by ‘Portsmouth Community Football Club’ (“PCFC”) a consortium including ‘Pompey Supporters Trust’, in order to take ownership of Portsmouth Football Club.