Mucho P2P
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Post by Mucho P2P on Jan 24, 2019 22:51:46 GMT
But if we are served, and the claimant loses, the claimants pay our legal bill? We get our money back in the long run? I don't think the law would wish people to incur high costs when innocent of a chancers claim for millions of pounds. It does not look like the claimant has any funds ready to settle any bills of us mere lenders, should we win. Hence the partial Security of Costs judgement recently agasint the claimant in L and A favour. They got to the cherry first, so it seems.
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Grezza
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Post by Grezza on Jan 24, 2019 23:10:24 GMT
Aaaaah, yes, Got it! thank you M P2P
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Post by nightmare on Jan 25, 2019 14:34:59 GMT
Nope, it's Lendy and the receivers that may be 'in the clear' on 414, according to the update the borrower has not yet served proceedings on any individual lenders so our sword of Damocles will remain as is. Further to my last comment. a quick search on th'internet suggests that claims can be made up to 6 years from the date on which the contract is alleged to have been breached, so we've got a few years to wait yet. I think one of us has misunderstood the informational point made in item 1 from Lendy's update of 23/01/19. I re-read it several times and I don't think it's me. But it certainly could be.  nightmare , can you (or anyone else) confirm or correct my understanding that the waiting for lenders will be permanently over (one way or the other) on, or before, 4pm, April 1st please? Thx. (I suppose there's always scope for the borrower to attempt to bring some additional contrivance against Lendy, Receivers, lenders, Uncle Tom Cobley and all at some future date, but the 414 deadline I refer to relates to this particular chapter in the whole sorry tale.)
The update states that "In the event that the borrowers fail to comply with points 1-2, the claim by four out of the five Claimants against Lendy and the Receivers will be struck out by the Court." - No mention of a/the claim against individual lenders, in fact in goes on to state that "Importantly from the Lenders’ perspective, it remains the case that the only defendants to the claim are Lendy and the Receivers; the borrowers have not yet served proceedings on any individual Lenders". So I stand by my interpretation that the borrower will still have up to 6 years to pursue a claim against individual lenders.
PS. I hope that I am wrong and you are right but I honestly don't believe that to be the case.
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dawn
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Post by dawn on Jan 25, 2019 17:36:34 GMT
I think one of us has misunderstood the informational point made in item 1 from Lendy's update of 23/01/19. I re-read it several times and I don't think it's me. But it certainly could be. nightmare , can you (or anyone else) confirm or correct my understanding that the waiting for lenders will be permanently over (one way or the other) on, or before, 4pm, April 1st please? Thx. (I suppose there's always scope for the borrower to attempt to bring some additional contrivance against Lendy, Receivers, lenders, Uncle Tom Cobley and all at some future date, but the 414 deadline I refer to relates to this particular chapter in the whole sorry tale.)
The update states that "In the event that the borrowers fail to comply with points 1-2, the claim by four out of the five Claimants against Lendy and the Receivers will be struck out by the Court." - No mention of a/the claim against individual lenders, in fact in goes on to state that "Importantly from the Lenders’ perspective, it remains the case that the only defendants to the claim are Lendy and the Receivers; the borrowers have not yet served proceedings on any individual Lenders". So I stand by my interpretation that the borrower will still have up to 6 years to pursue a claim against individual lenders.
PS. I hope that I am wrong and you are right but I honestly don't believe that to be the case.
There currently is no claim against lenders so it can't be struck out (there is only a threat to add lenders to the claim). A claim, if served, must be served by 4pm on 1st April. It seems fairly clear to me - no claim served by 4pm on 1st April means no claim can be served later.
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adrianc
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Post by adrianc on Jan 25, 2019 18:26:56 GMT
The update states that "In the event that the borrowers fail to comply with points 1-2, the claim by four out of the five Claimants against Lendy and the Receivers will be struck out by the Court." - No mention of a/the claim against individual lenders, in fact in goes on to state that "Importantly from the Lenders’ perspective, it remains the case that the only defendants to the claim are Lendy and the Receivers; the borrowers have not yet served proceedings on any individual Lenders". That says it all. The claim is currently against Ly + Receivers. The borrowers say they want to make it Ly + Receivers + Lenders, but haven't actually done so yet. Same claim. Just an extension to who's in it. They've been told that if they don't either decide they'll never do that, or actually do it, by 1/4 then that's it. No more lingering and threatening. End of claim. They've also been told that if they don't put a "substantial" amount of money into court by 1/4 then again that's it. No more lingering and threatening. End of claim.
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Mousey
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Post by Mousey on Jan 26, 2019 21:17:34 GMT
It might close this current claim but I’ve seen no evidence that a new claim couldn’t be started.
ETA: Happy to be corrected
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Mucho P2P
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Post by Mucho P2P on Jan 26, 2019 21:51:40 GMT
It might close this current claim but I’ve seen no evidence that a new claim couldn’t be started. ETA: Happy to be corrected You are spot on Mousey. In the recent Court hearings, the Judge specifically stated that a new claim could be started, should this one expire. However, it should be noted that should a new claim be brought, one of the early topics to be discussed would be why the first claim was abandoned, and the claimant would have to satisfy the judge that they had strong reason to abandon the first claim and start a new similar/identical one. The longer they leave the claim without progressing (such as letting it expire and then renew) the weaker it will get, various legal reasons/precedences why this is so, which I won't go into detail here.
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Post by nightmare on Jan 27, 2019 15:37:16 GMT
So to be clear the sword of Damocles will still be dangling well after 1st April although it would become somewhat less likely to fall - unless of course it all turns out to be a long-winded April fools joke.
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Post by GSV3MIaC on Jan 27, 2019 20:36:55 GMT
/mod hat off
We should have any discussion about what costs and damages she might be due AFTER she has paid back the £7m+ or whatever it is that she owes us. Chances of a being >b seems small to me, even with legal fees on top. Loss .. what loss? Oh, and the interst bill should still be racking up while she stalls, iirc.
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agent69
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Post by agent69 on Jan 27, 2019 22:30:03 GMT
So I stand by my interpretation that the borrower will still have up to 6 years to pursue a claim against individual lenders.
I work in the construction industry and get embroiled in disputes over contracts all the time.
I believe that the period of liability is normally 6 years (where a contract is signed by hand) or 12 years (where the contract is under seal). In construction I believe that the clock normally starts running when the breach occurs, except in the case of a design defect or deliberate concealment, when the clock starts at the point in time when the breach might reasonably have been identified.
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jeremy12
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Post by jeremy12 on Jan 29, 2019 11:16:34 GMT
I do not know if HCR are an experienced firm in such cases, nor how to find or judge one that is. If i am going to fund a defence I want to ensure I'm instructing an expert firm. Any experts out there?
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adrianc
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Post by adrianc on Jan 30, 2019 17:08:01 GMT
I do not know if HCR are an experienced firm in such cases, nor how to find or judge one that is. If i am going to fund a defence I want to ensure I'm instructing an expert firm. Any experts out there? Is there such a thing as an "experienced" firm? Has there been a case truly like this before...?
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jeremy12
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Post by jeremy12 on Jan 30, 2019 17:37:28 GMT
I do not know if HCR are an experienced firm in such cases, nor how to find or judge one that is. If i am going to fund a defence I want to ensure I'm instructing an expert firm. Any experts out there? Is there such a thing as an "experienced" firm? Has there been a case truly like this before...? Well I was thinking of a firm that was experienced in contract law pertaining to high value property development and all the machinations tricks and strategies that Such claimants employ. Granted a 5000 to 1 ratio is probably unprecedented in such cases which is why it is so hard for any of us to fathom or even evaluate whether it is likely to actually proceed or not.
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