Augusta Ventures were proud to sponsor the 2017 Insolvency Law Workshop held by The Law Council of Australia on Friday 8 September. The workshop was well attended by leading professionals and dealt with common issues faced by, and aspects important to, everyday Insolvency lawyers and Practitioners.
Neill Brennan (Managing Director) and Michelle Silvers (Business Development Manager) of Augusta spoke about litigation funding for small and medium size insolvency and commercial claims to an audience of over 30 practitioners from all over Australia.
There was a general familiarity with litigation funding. The audience were keen to hear that there was a new player in the market who is prepared to fund smaller matters. They were also receptive to Augusta’s pricing whereby its success fee is typically based on a multiple of funds deployed. Lawyers liked the greater certainty of Augusta’s model, which sees funds being deployed into the claimant’s trust accounts from day one, as some have experienced slow invoice payments on funded cases.
Questions were raised on some of the more innovative aspects of the Augusta model such as the tranching of funds where the success fee applies only to funds deployed and after the event insurance (for adverse costs) as an alternative to funder indemnities.
Overall the attendees benefited from becoming aware of a new funder that would fund smaller claims and some of the attractive features of the Augusta funding model. Augusta was approached by a solicitor requiring funding for a case with damages of $2-3 million who had previously struggled to find interest from other funders because of its size.
If you have a commercial or insolvency claim that would benefit from funding, please call us on +612 8311 0555.