Delta Legal Run-Off Successful Completion
Recovery First worked with Delta Legal, a Claimant Personal Injury firm. The project ran from 2014 to 2019 and was highly successful in the run-off of files. The firm were facing insolvency issues following the 2013 PI reforms. The firm decided to contact our Director, David Johnstone, who agreed to oversee and manage the compliant run off of 800 PI files. David also directed the firm to other experts including insolvency practitioners, who advised on an independent voluntary arrangement (IVA).
What Did Recovery First Achieve?
Recovery First were very successful in recovering more than 100% of the expected WIP value. The firm expected to have a WIP value of £1.2 million; however, we were able to recover in excess of £1.4 million. The Insolvency Practitioner was particularly pleased as they had received offers from other firms which were only around 20% of the sum that was ultimately recovered.
How Were the Results Achieved?
The project took around five years to complete using our typical run-off process and all files were distributed to our panel of solicitors.
By entering into an IVA, and utilising Recovery First’s services, Delta Legal achieved an orderly wind down in an SRA compliant manner; a process showing partners/owners can avoid bankruptcy and retain their practicing certificates.
Insolvency practitioner at FRP Advisory LLP, who advised Delta Legal and supervised the voluntary arrangement, David Thornhill, stated the following during the process:
“Having worked successfully with Recovery First for a number of years, we would have no hesitation in recommending their services when it comes to realising value from a book of claimant personal injury work. For one particular FRP Advisory project the realisations are approaching 100% of what was thought to exist at the outset, in a situation where we would have struggled to achieve 20% by way of a discounted sale. On that particular project a number of cases are still running and there is every possibility the full WIP value will be recovered.”
How Can Recovery First Assist Your Firm?
Recovery First can assist your law firm in making a structured exit from any legal market. We will ensure that you receive the maximum WIP value for your files.
The unique scheme offered by Recovery First is suitable for both law firms and professional advisors. Our team manage the transfer of files from start to finish; placing case files with an approved law firm so as to protect the integrity of the client’s case.
We guarantee 100% confidentiality for all clients. If you would like to find out more about Recovery First’s process, feel free to get in touch today using the contact information or fill in the form on our “Contact Us” page, and we will contact you to discuss the process.