If you are interested in suing an insolvency practitioner to recover financial losses resulting from their negligence, then our team of professional negligence solicitors are here to help.
A legal claim can be considered when an insolvency practitioner has breached their duty of care. This might arise when an insolvency practitioner doesn’t recover the ‘best price’ that is reasonably obtainable for an asset, or under-settles a claim, or fails to deal with money or property lawfully.
When suing an insolvency practitioner consideration must be given to the extent of the legal duty of care that is owed to you and the steps that they have taken in order to comply with that duty. Claims therefore need to be assessed on a case-by-case basis.
It is important to avoid delay in making a claim, and if a case is not pursued within six years of the cause of action accruing (or three years from the date of knowledge) then it is likely to become time barred.
In addition to establishing a breach of duty and avoiding limitation problems, any prospective claimant will also need to give serious consideration to how they can fund such a claim and whether they will need permission to pursue the case, given the rules that restrict the ability of insolvent individuals and companies to pursue a legal action.
We can undertake preliminary investigations by setting an initial fee limit which you can choose to extend if you wish. We are also able to consider suing an insolvency practitioner on a no win, no fee basis; but only where:
- The merits of the case are very strong; and
- There are losses in excess of £25,000, which are clearly attributable to the breach of duty
Regrettably, it is not commercially viable for us to deal with smaller cases owing to the rules governing the legal costs that can be recovered. Even where the value of the claim exceeds the £25,000 threshold, it is important for claimants to be aware that a significant proportion of any damages they win will probably need to be applied to pay their legal cost.
If you feel that an insolvency practitioner has made a serious mistake resulting in you suffering significant financial then contact our legal helpline.
