Berg today are celebrating a landmark court ruling for one of our clients, the Hockins which has been described as “…a ruling that will give hope to thousands of other businessmen and women battling the banks”
Administrators have previously refused to assign the right to pursue a claim against the bank to the injured parties. Berg has been instrumental in achieving a landmark judgment in the High Court where it was ruled that the administrator has to assign this right.
Michael Hockin, whose property business was put into administration in 2012, has finally been granted the right to pursue their case against the RBS by the High Court in London. After a long battle with RBS and Ernst Young, who refused to grant the Hockins a deed of assignment to sue the bank, the juror ruled in the couples favour.
Berg’s managing partner Alison Loveday described the court ruling as “ground-breaking”. Alison explained “It’s very unusual for a court to intervene in an administration case in this way.”
This is a landmark judgment for thousands of other business owners who have been put into administration by banks and GRG. It makes way for the couple, and others, to pursue claims where previously they have been unable to do so.
Mr Hockin said of Ernst Young: “They have fought us every inch of the way. If we had not had the money, the excellent solicitors and the sheer tenacity to keep up the fight we would have been dead.”
A spokesperson for Ernst and Young said that they “respectfully acknowledge the order and will act in accordance with the Court’s judgment.”
Read the news article in full here
The Hockins and their MP Gary Streeter have previously spoken out about the ongoing battle they have faced following being mis-sold a complicated Interest Rate Hedging Product by RBS.
Find out more about the case and its wider impact in key press comment and coverage here:
For more information about any of the above or for practical commercial advice on this or any other aspect of banking and interest rate swaps, please contact Alison Loveday by telephone; 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.