Yesterday Central Hall, Westminster, saw hundreds of people gather for the annual
Bully Banks conference – ‘A Missed Opportunity’ which looked in-depth at the implementation of the FCA Redress Scheme.
Bully Banks, the campaign group established to support small businesses against the banks, invited their members to attend along with their advisors. The subject of the Conference was the failure of the Scheme to deliver equitable redress to SMEs damaged by
the mis-sale of IRHPs.
The full day of speakers, updates and business case studies included a session led by Berg managing partner Alison Loveday who gave a revealing and insightful talk on administration and liquidation
issues for business affected by IRHPs. In addition to highlighting the duties of office holders and a focus on the Hockins landmark court ruling, Alison also dispelled a few myths around administration and liquidation and looked a case examples and scenarios.
Alison summarised that steps can be taken to challenge the bank in an insolvency situation and explained that a key issue is one of funding – the cases are often complex and require detailed expert evidence including derivative and forensic accounting evidence.
Berg has worked in the area of mis-sold swaps for several years and we have a long standing history of acting for SMEs, including complex financial and commercial litigation, supporting hundreds of businesses and individuals.
Yesterday’s conference comes shortly after the release of the Berg Banking Report: SME Banking: Towards a New Dystopia you can
download the report here for further information.
For more information about any of the above or for practical advice on this or any other aspect of banking and financial disputes, please contact
Alison Loveday of the Berg Banking Litigation Team on 0161 833 9211 or email
The information and opinions contained in this article are not intended to be comprehensive, nor to provide legal advice. No responsibility for its accuracy or correctness is assumed by Berg or any of its partners or employees. Professional legal advice should
be obtained before taking, or refraining from taking, any action as a result of this article.