What is the wider cost of bank misconduct?

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Posted in:Banking and Finance|July 2, 2015 | Join the mailing list

In our experience of fighting all the major banks, we noticed that when a business becomes insolvent, there is a cost to society that is yet to be quantified and commented on. How many people have lost their jobs because of the bank’s actions? How many
millions of pounds have been wasted unnecessarily on professional fees?

Berg wants to change this and as such, is involved in a research
project
being conducted by the
CCP Research Foundation
on the cost of insolvency due to bank misconduct.

In order to assist the project berg will be assessing cases, in accompaniment with insolvency practitioners and forensic accountants, in order to produce 12 case studies where a business’ insolvency was indisputably as a result of the bank’s conduct in mis-selling
IRHPs.

In order to determine the best 12 cases for the project to harvest its data from, berg needs maximum input and buy-in from those businesses that have been placed into insolvency as a result of the bank mis-selling it an IRHP.

If your business has been (i) party to an IRHP and (ii) placed into insolvency because of that IRHP, and if you would like to assist in broadening society’s knowledge of the wider effects of insolvency on the UK economy, then
please fill in the initial short survey.

Please follow the project on Twitter
@insolvencycost
and direct anyone to the handle.

Should you have any queries regarding the subject matter, or need any assistance in connection with insolvency and IRHPs, please contact
Edward Saidu, Senior Solicitor in the Dispute Resolution at
edwards@berg.co.uk or by telephoning 0161 829 2599.

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.

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