Carter-Ruck has achieved a substantial settlement for the liquidator of a company in liquidation in a professional negligence claim against the company’s former solicitors.
£10m in damages were recovered on behalf of the liquidator, Peter Kubik of UHY Hacker Young. Carter-Ruck acted under a Conditional Fee (“No win, no fee”) Agreement with After The Event insurance provided by QBE Insurance (Europe) Limited, CBL Insurance Limited and Temple Legal Protection Limited. The Defendant also agreed to pay the company’s costs under the terms of the settlement.
Success fees and ATE insurance premiums continue to be recoverable in certain proceedings related to insolvency. The liquidator will therefore be able to recover the success fees and premiums for After The Event Insurance (which was used to meet an application for security for costs) as well as other costs from the defendant.