· In September 2023, Cavendish IP Solutions were offered a long-running case with an impending limitation deadline. The respondent was resident in the USA and appeared to be using delaying tactics.
· We put our counsel on notice and carried out our due diligence in a matter of days. We then agreed the terms of assignment with the officeholders, who in turn received approval from HMRC (the main creditor).
· In order to avoid the need to obtain the court’s permission to serve the respondent out of the jurisdiction, we relied on s1140 of the Companies Act 2006 to serve the respondent at a UK registered service address which he had maintained, despite being resident in the USA. This seemed to take the respondent by surprise.
· Subsequently, based on our monitoring of activity at Companies House and HM Land Registry, we became concerned about the potential dissipation of UK assets.
· We therefore applied for an ex-parte freezing order against the respondent in January 2024. The freezing order was granted and prompted the respondent to agree to mediation shortly thereafter.
· The mediation took place in early February, when a substantial settlement was agreed
Please contact us if you have a claim that you would like to discuss with us. Involving a litigation funder can be of mutual benefit and bring quicker results.