Many SMEs have been mis-sold IRHPs by banks. More than 2000 of them have been forced into insolvency. The FCA IRHP Review has not recognised the full extent of the consequential losses. The former business owners have claims against the banks and others arising out of the mis-sale. However, bringing such claims requires that the former companies are restored, or that the claim is assigned, or that a new independent insolvency practitioner is appointed to investigate. Furthermore, it requires funding and insurance against adverse costs. RBS will also claim a set-off against the claimant that can extinguish the claim.
We specialise in assisting insolvent businesses get redress for the wrongdoing by banks. We have acted for members of dissolved companies, applying to Court for the restoration of the company and the appointment of a new independent insolvency practitioner. We can then source both adverse costs insurance and funding for the claim. We fund some of the claims by use of either conditional fee agreements or damages based agreements.
There are various different routes to restoration or appointment. We have been instructed to do this work for other firms of solicitors, members of companies, and insolvency practitioners.
One of our solicitors is also a specialist in the law of set-off having completed a research degree at the University of Oxford on this subject.