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Subscribe to this list via RSS Blog posts tagged in insolvency compensation

A recent study conducted by Wolverhampton University has shed light on the growing level of claims and commercial activity around insolvency litigation in the UK. The report shows that there has been a 50% increase in the value of insolvency claims in the past five years. This large increase can mainly be attributed to 2012’s Legal Aid, Sentencing and Punishment of Offenders ACT (also referred to as the LASPO act), after which lawyers success fees under a conditional fee arrangement and any after the event (ATE) insurance premiums were no longer recoverable from the defendant.

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The total number of individuals being formally declared as insolvent has reached its highest level for the past six years, based on data from March to May 2018. There are now a record number of UK citizens proceeding with Individual Voluntary Agreements (IVA’s), an arrangement whereby individual debtors agree to repay their creditors some or all of what they owe.

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Latest News

  • In a further sign of the burgeoning litigation and dispute resolution market in the UK, a London based litigation funding provider is making available funding in excess £585m to tackle high-value civil litigation claims in the UK courts. Read More

  • New research published recently by insurance broker and risk managers Gallagher suggests that incidents of legal threats, claims and formal complaints against UK companies is likely to continue to increase over the next few years. With the volume of such actions having over doubled since 2018 and having increased by an incredible 300% since 2016, it is vital that UK businesses take positive steps to mitigate against such eventualities. The Gallagher data, based on surveying more than 3,000 UK businesses across multiple sectors, found that in the past five years, over half (56%) of all businesses have faced an accusation, claim or allegation of unlawful behaviour. Sectors facing the most litigation include IT (72%) and construction (60%), and amongst these the proportion is even higher.Employees make up the bulk of the accusations (44%), followed by customers (23%), clients (22%) and suppliers... Read More

  • Following the collapse of construction giant Carillion in Jan 2018, litigation funding has recently been confirmed allowing the defunct business to pursue legal action against accountants KPMG. The funding has been agreed by Litigation Capital Management (LCM), who have agreed to fund the £250m claim being made by Carillion’s liquidator in the Commercial Court. It what is widely regarded as the largest ever corporate failure in the UK’s construction sector, Carillion collapsed in January 2018 with reported liabilities of around £7bn. Before their collapse, Carillion formed part of a consortium that held contracts to build part of the forthcoming HS2 high speed railway line, it maintained 50,000 homes for the Ministry of Defence and managed schools, highways and prisons. On 10 July 2017, Carillion announced that its profits would be hit to the tune of £845m and, as a consequence, its chief... Read More