Insurance

[PurpleReign]

Hi everyone,

I wonder if someone here can give me some advice. I have a situation which has been going on for about a year. Basically, my ex-business partner accused me of a breach of Fiduaciary Duty last year, which I was completely innocent of. He demanded I transfer my shares in the Company as recompense! As you might guess, I refused robustly through my own solicitors. After that the whole thing spiralled out into a nasty and protracted legal fight. He appears to have developed a vindictive and passionate hatred of me.
The firm of solicitors he was using also went out of business during the year, which has delayed things further.
During the year, I have also been forced to resign as a Director (but remain as a Shareholder), due to his behaviour.

Almost exactly a year since his original accusation, he has engaged new solicitors to carry on the accusation, and now said that he is going to start proceedings to sue me.

My question is, is there any insurance I can get which will help me fight the case, or if I should lose, pay him?
I'm not particularly well off, and I don't know how I am going to afford the costs. He has stated that he wants to ruin me.

Thanks in advance.

[atticus]

It's probably too late for that, given the history and that litigation is threatened. Are you sure you do not have legal expenses cover with (for example) a home or motor policy?

Does this claimant know you have limited resources? Is there a deal you could do, perhaps involving a transfer of your shares? (I bet that is what he is after).

[PurpleReign]

Unfortunately he is well aware of my personal circumstances. As I mentioned, he has said that he wishes to ruin me.
It might be possible to see if a deal can be done - I'll look into it, thanks.