E-Valuate for the Accountancy Profession

Overview

Our litigation and insolvency teams are seeing more and more cases where directors have failed to implement dividend, loan account and remuneration structures properly.

This can become an acute problem if the business subsequently fails, with directors often required to repay very significant sums of money. Below is an overview of the problem and issues you may wish to consider with your clients.


Nick has become particularly known for dealing with insolvency disputes, insolvency investigations (particularly in a fraud context) and technical insolvency advice. 

In addition to acting for individuals and company directors (including defending insolvency related claims and disqualification proceedings), he has provided technical advice on insolvency-related matters to clients including insolvency practitioners, banks, local authorities, HM Revenue & Customs, landlords and trade creditors. Nick also has considerable experience in advising businesses in relation to complex asset and debt recovery issues.

Nick has dealt with a number of high profile bankruptcy and insolvency cases including acting for Michael Barrymore in relation to his bankruptcy, and advising the trustee in bankruptcy of Asil Nadir.

Originally from Portsmouth, he is a lifelong supporter of Portsmouth City FC and returned to the city in 2013 to join Verisona Law after 20 years of working in London. He is married and has two young sons. When not indulging their interests in cars and football, Nick likes to get out on boats in the Solent.


He has been ranked by Chambers and Partners ‘Client’s guide to the UK legal profession’ as a specialist in his field for a number of years. Chambers guide for 2015 referred to him as a practitioner with "a well-deserved reputation for contentious insolvency work."


Nick is a fellow of the Association of Business Recovery Professionals (R3), to whom he has also lectured, and was elected to R3’s Southern Region Committee in December 2013. He is also a member of the Insolvency Lawyers Association.

  • Trained at a boutique insolvency and litigation firm, Moon Beever, in central London.
  • Qualified with Moon Beever in 1996 and made up to partner there in 2000.
  • Moved to Blake Lapthorn in London where he was made up to partner and latterly headed up the Insolvency and Corporate Recovery department. 
  • Headed up the Insolvency and Corporate Recovery department at Howes Percival from 2010 to 2013.
  • Joined Verisona in Portsmouth in 2013.

Individuals:

  • Financial and money advice
  • Enquiries and claims by trustees in bankruptcy, the Official Receiver, the Insolvency Service and liquidators (including possession action in relation to residential properties)
  • Personal guarantees, statutory demands, bankruptcy petitions and individual voluntary agreements (IVAs)

 Company directors:

  • Enquiries and claims by the Insolvency Service Official Receiver and liquidators
  • Directors duties
  • Actions under the Directors Disqualification Act

 Businesses:

  • Advice regarding rescue and refinancing options (including administration and CVAs)
  • Statutory demands and winding-up petitions
  • Insolvency related disputes and technical issues

 Insolvency Practitioners:

  • Technical insolvency advice
  • Insolvency related litigation and disputes
  • Applications to court under the provisions of the Insolvency Act 1986 and Insolvency Rules 1986

Exploring how best to secure payment of the Court award

The Defendant was the sole owner of his property and we discovered there was one mortgage registered against it.  Mortgage enquiries and a valuation showed there was over £300,000 of equity in the property. 

Taking Court action to settle the debt

First we obtained a Final Charging Order. This means that the Judgment debt is registered and secured against the property as an equitable charge.

We then applied to the Court for an Order for Sale whereby the property would be sold and the proceeds of sale, following the discharge of the mortgage and other costs, would be used to settle the client’s claim. 

Although the Defendant strenuously opposed the application, the Court granted an Order for Sale and ordered the Defendant to vacate the property. They refused to leave.

Full repayment of the debt

At this point the Bailiff was instructed to take possession of the property and the Defendant was evicted.   It was then sold and we recovered full settlement of the debt and payment of legal costs for our client. 

The balance of the proceeds of sale was paid to the Defendant. 

Orders for Sale are granted at the discretion of the Court and the Court may be unwilling to make an Order for Sale if there are young children, elderly or disabled occupiers living in the property.

A building company


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