Real Mess! reposession,pro negligence, company liqiudation, decree for large sum, etc

[cul8rm8e]

This is a very long winded request for some views/advice so i will try break it down to simple form.

Company1 lends me money for project and provides part of it then breaches contract.

Financial adviser (seperate company) gives misleading advice to arrange loan from above. Then leaves to go work for above.

Company sues borrower to repay funds (ongoing)

Financial adviser company goes into liquidation.

Borrower sues Financial Adviser company for (professional negligence) right of releif from payment due to lender by borrower and decree granted for £xxx 000 ( they dont defend action infact they ignored it completely and didnt have any representation)

Liquidator of Financial Adviser company states no assets but professsional indemnity policy was in place with £XX 000 excess

Insurer of Financial Adviser company make offer less insurance policy excess which is a substantially reduced amount to repay back lender. In effect the borrower does not get just rewards of releif to repay borrower and theres a shortfall where lender wont accept that amount, in any case borrower is counter claiming lender for breach of contract for providing only part of contractual amount and pulled the plug, i wont go into that just now as its very complicated, lets just say the financial adviser was his x employee and then became lenders employee again after he duped borrower to sign contract with lender.

My question is

Is there any way or route to claim the excess the insurer claims was on the Financial Advisers professional indemnity policy? The company has no money as told by liquidator but is their any government or any other type of insurance recovery scheme in place for this type of thing? It just seems the borrower even though they win their case they will be the one to lose out if the lender were to win their case, even though this is highly unlikely.

Ps. Why would a lender sue for reposession of a property to repay the money and also for the sum of money owed? Its not a trick question they are infact claiming both in the writ.

Thanks

[Debt Camel]

Re: Real Mess! reposession,pro negligence, company liqiudation, decree for large sum,

IFAs are regulated by the FCA so you may be able to get compensation from the FSCS if the firm has been declared in default: http://www.fscs.org.uk/what-we-cover...es-in-default/

[cul8rm8e]

Re: Real Mess! reposession,pro negligence, company liqiudation, decree for large sum,

I was slightl confused about my situation but it has been cleared up now and was wondering if anyone can further comment.

Its confirmed that there is a claim for releif aginst the company who has insurance cover for what i mentioned in my post but, there is also another decree against the company for loss of profit due to thep ro negligence.

The issue is for the loss of profit side. The insurance company is claiming that the insurance claim is not a claim that can be made due to type of policy the company had, something to do with occurrence or claim based policy.
They are refusing to provide a copy of the policy to back up what they say and refusing to answer the contineous requests for it.

My view is they are hiding it as there is a valid claim on a valid policy but to continue pursuing it is getting nowhere. Solicitor reckons to just take further court action to recover it butthe costs will be substantial and it may well be the case they are telling it as it is.

Any suggestions outwith court action to force them to provide this

Thanks

[cul8rm8e]

Re: Real Mess! reposession,pro negligence, company liqiudation, decree for large sum,

Quick update.

Fscs only deal with REGULATED products no matter if the company provides regulated services or not, if your product was unregulated, secured or not a standard mortgqge then your stuffed.

Another kick!!!!!!

[Openlaw15]

Re: Real Mess! reposession,pro negligence, company liqiudation, decree for large sum,

This is a very long winded request for some views/advice so i will try break it down to simple form.

Company1 lends me money for project and provides part of it then breaches contract.

Financial adviser (seperate company) gives misleading advice to arrange loan from above. Then leaves to go work for above.

Company sues borrower to repay funds (ongoing)

Financial adviser company goes into liquidation.

Borrower sues Financial Adviser company for (professional negligence) right of releif from payment due to lender by borrower and decree granted for £xxx 000 ( they dont defend action infact they ignored it completely and didnt have any representation)

Liquidator of Financial Adviser company states no assets but professsional indemnity policy was in place with £XX 000 excess

Insurer of Financial Adviser company make offer less insurance policy excess which is a substantially reduced amount to repay back lender. In effect the borrower does not get just rewards of releif to repay borrower and theres a shortfall where lender wont accept that amount, in any case borrower is counter claiming lender for breach of contract for providing only part of contractual amount and pulled the plug, i wont go into that just now as its very complicated, lets just say the financial adviser was his x employee and then became lenders employee again after he duped borrower to sign contract with lender.

My question is

Is there any way or route to claim the excess the insurer claims was on the Financial Advisers professional indemnity policy? The company has no money as told by liquidator but is their any government or any other type of insurance recovery scheme in place for this type of thing? It just seems the borrower even though they win their case they will be the one to lose out if the lender were to win their case, even though this is highly unlikely.

Ps. Why would a lender sue for reposession of a property to repay the money and also for the sum of money owed? Its not a trick question they are infact claiming both in the writ.

Thanks

You're writing very abstracts concepts. Write using bullet points if you need to. I don't mind simple form but i like to know the relationship between the companies and you. This is complex as it's company bankruptcy (liquidation), mortgages, and indemnity policies. You also provide no dates, no names of companies (is there a reason for being so secret?). So it's not certain when any transactions, loans etc take place.

[cul8rm8e]

Re: Real Mess! reposession,pro negligence, company liqiudation, decree for large sum,

Openlaw15 Its not a matter of being secret its simply not the right time yet to divulge everything, in the meantime a little bit more below


Quick update.

Financial adviser firm settles out of court as a right of relief for £25k plus expenses approx £40k. the company name was Buildstore Financial Services limited based in Livingston, Lothian. They set up a new company just before going into liquidation with a slight name change substituting Financial for Mortgage. Buildstore Mortgages Services Limited, the FA is no longer with the company. I cant say who he is with at the moment as he is being called as a witness against the lender,( his mate and ex employer ), in the future court case.

The case deffence against the lender (includes a counter claim for a substantial sum) whom i wont name for the time being as its still ongoing, it has called in court recently but due to a technical issue, a fault of theirs (which certainly cost them a small fortune) the court was put back prob until Feb next year.

Full details of all Directors from the companies they are involved with will be divulged after the court case as will a full copy of the court record which as we all know will be for public eyes anyway so no infringements to wory about. All i will say is they are now based in Manchester.

I look forward to providing my well prepared story of everything that has gone on and the full details of the outcome of the hearing.

not long now folks!!!!!!!