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A agreed to purchase five commercial units in the same development, and instructed B, his solicitors, to deal with the conveyancing of the properties.
After the purchase had been completed It emerged that the development suffered from general defects including lack of planning permission for the current use of the development, non-compliance with building regulations, and a significant shortfall in the rental payments as compared to what had been represented.
A issued a claim against B for professional negligence, and while he was capable of financing the claim himself, opted to approach Augusta for assistance so that his funds could be retained for further investment. The value of the claim is £300,000 and Augusta provided £75,000 to finance its conduct.
The claim is ongoing.
Augusta reference: 00047
A engaged B as his lawyers when he became aware that his contractual counterparty C was likely to breach the contract.
While profits from the contract were earned in the UK, C was registered in the British Virgin Islands, and A asked B to arrange a freezing order on UK assets to ensure they were not disposed of and money was not dissipated. B wrongly advised against the freezing order. C duly breached the contract and B conducted the litigation and won an award in A’s favour for £1m damages. However, by this time C had disposed of its UK assets and the money had been dissipated with no chance of recovery. B then sued A for non-payment of £160,000 in legal fees.
A counterclaimed against B for damages for professional negligence in relation to the advice B had provided regarding the asset-freezing order, and turned to Augusta for finance for the costs of this action.
Recoverability was not an issue as B was covered by professional indemnity insurance. The review of the counterclaim showed it to have good legal merits and Augusta advanced c£320,000 to finance it.
The matter was settled within 10 months of finance after A accepted a Part 36 offer from B for £650,000.
Augusta reference: 00247