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Michael Leeds, director, and Nick Wood, partner, of the Fraud Insolvency Division (FInD) of Grant Thornton UK LLP discuss some of the issues insolvency practitioners consider when contemplating the use of funding.
This is part two of a three-part blog series on litigation funding republished with the permission of Vannin Capital. The links to the other articles are provided at the end of the article.
In many insolvency cases there are likely to be limited assets or, in especially desperate cases, no assets at all. So, how can the Insolvency Practitioner (IP) realise value for the creditors if there is a suspicion that assets have been dissipated and there is an angry creditor (or angry creditors) who want their money back?
A number of cases within our FInD portfolio have no assets and yet either fraud is suspected or there may be potential claims against third parties. We are engaged on the following scenarios:
Usually there are pro-active creditors looking for a route to money where they have been unable to recover anything. They have taken steps to put the company into an insolvency process to enable an investigation to be undertaken and assets recovered using the powers given to the IP under the Insolvency Act 1986.
As set out above it is often the case that an insolvent company will have no assets on its balance sheet and no cash at bank. What the IP focusses on is recovering assets which are off the balance sheet.
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