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Insolvency - The Recoverability Countdown Has Begun - Act Now

​All insolvency practitioners and solicitors will no doubt be aware that there is less than 4 months before recoverability of solicitor success fees and ATE insurance premiums is abolished.  This will impact on the economic viability of many insolvency cases after April 2015.  It is therefore imperative that IPs and lawyers act quickly to take advantage of the existing rules as many commercial litigators did during January - March 2013 when recoverability of ATE premiums and success fees was removed for general commercial litigation. If you have a case in need of ATE insurance please click here to make an application. 

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TheJudge Top Tips for IPs and Solicitors to Apply During the Next 3 Months 

1. Don’t leave it until March to make applications

If there was one lesson that can be learned from 2013 when recoverability was removed for commercial litigation, it was that many litigators simply left it too late to make their application for ATE. Applications made from mid-March onwards will stand less chance of being approved in time than those submitted earlier.  Underwriters will need time to assess cases, and if there is a large volume of last minute applications many underwriters can apply hard justice by simply closing their doors to new business in order to work through their backlog. Due to the huge volume of cases insurers could simply cherry pick the very best cases to insure, resulting in a high number of rejections. This occurred in 2013 with a number of insurers, when many claimants were left without the benefit of a recoverable insurance premium. 

2. Is your case in the early stages of investigation? Our brokers have strategies to help

It’s accepted that some cases might be at an early stage in their investigation and therefore the end of March deadline is not ideal.  Our brokers can discuss with you how best to prepare and present the application based on the level of investigation undertaken to date. Our aim here is to seek to persuade insurers to apply a different approach to their underwriting analysis that is ordinarily the case (i.e. where initial investigations are already completed).  We successfully applied these strategies during 2013 when we brokered the highest amount of capacity in the market.  

3. Guarantee that ATE is available for your cases - speak to us about quick approval scheme options 

In order to avoid the rush, and to limit the subjectivity of underwriting decisions, we have access to a number of bespoke scheme arrangements from the leading ATE insurers, including a number of exclusive arrangements. 

We can potentially arrange quick access ATE schemes that guarantee cover for adverse costs and own disbursements with fully deferred/contingent premiums, coupled with premium indemnity guarantees. We have created a comparison table which gives a detailed breakdown of all the available schemes in the market, which helps you choose the best scheme for your particular case load. To learn more please contact carolyn.holmes@thejudge.co.uk who will be able to discuss all of the scheme options that might best meet your requirements.

NOTE: Please note that due to the application time to secure your scheme arrangement we strongly advise that you contact us in the next 2-4 weeks.
 

4. Do not prejudice your chances by making isolated applications to individual insurers

Even where you may have had preferred relationships with certain insurers in the past, there is no guarantee the insurers will: a) offer a competitive quote, or b) offer a quote in time. With only around 3 months left we strongly recommend that you do not leave your application to chance.  A rejection from one insurer could destroy your chances of securing an offer from another insurer in the window available.  Again this was proven during 2013 when insurers’ underwriting criteria hardened in the last few weeks of recoverability, notwithstanding prior relationships. Many insurers simply refused to consider any case previously rejected by another insurer. 

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Low cost litigation funding available – quick access via TheJudge

While the challenge during the next 3 months is to ensure any CFAs and ATE insurance policies are entered into and a valid Notice of Funding served on the opponent in time, to the extent that any of your cases might also benefit from disbursement finance, TheJudge has quick access low cost funding products. One such funding product is Sprint, which is capitalised by Burford and is exclusively available through TheJudge. You can read about Sprint in more detail here. Our brokers can arrange low cost litigation funding simultaneously to arranging your ATE insurance.  To learn more please contact katie.armstrong@thejudge.co.uk. 
 
News Archive 


A Year in Review - The Highlights of 2014

TheJudge look back at some of the key industry moments from 2014. Including the surprising decision that DBA regulations will not be amended, the cost implications of Mitchell and a landmark costs decision in a case involving Victoria's Secret. 

Click here to read the full article...

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Why Should Insolvency Lawyers Think About an ATE Scheme Now? 

TheJudge advise that your firm take the necessary measures to ensure you are not left worrying that you have left it too late to obtain ATE insurance for your clients, or that the only insurance offers you can obtain are exploitative.

Click here to read the full article...

 
 
Need Funding or Insurance for your case?  

 +44 (0)845 257 6058 | info@thejudge.co.uk | www.thejudge.co.uk

30 St Mary Axe, London, EC3A 8BF

 
 
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