Another success for Redress
Redress agreed to provide finance to two liquidators of an insolvent company who brought a claim against the company’s management services provider and the directors that it had appointed to the board. The Defendants were alleged to have facilitated spurious transactions by which the company’s ultimate beneficial owner had extracted most of its cash, leaving it hopelessly insolvent and unable to pay debts running into the tens of millions of US dollars. Having secured funding as well as an indemnity for adverse costs from Redress, the Claimants were able to achieve a highly satisfactory settlement at mediation prior to the issue of proceedings. Michael Cushing, Dispute Resolution Partner in Appleby’s Jersey office, who acted for the Claimants commented on Redress’ involvement on the claim: ‘Redress is responsive, robust and commercial in its approach. The Redress team demonstrated a clear understanding of the legal issues in play and of the particular features of offshore litigation enabling our clients to negotiate a bespoke funding arrangement which permitted them to progress this matter to a successful conclusion’. Marius Nasta, Chief Executive of Redress commented: ‘We here at Redress are delighted by the outcome of this claim. This successful investment further enhances our reputation for excellence and reinforces our position as a pre-eminent litigation finance company in the offshore markets and in the Channel Islands in particular’.