Example 2

The Team advised a major mortgage lender upon recoveries arising from a fraudulent mortgage transaction concerning a hotel.  The fraud depended upon a major overvaluation of the hotel premises. 

Professional negligence proceedings were successfully conducted against the surveyor who provided the negligent over-valuation and against the solicitors who acted on behalf of the lender and the purchaser in the transaction.  It was necessary to perfect title to the hotel property so that this could be sold by the lender to recover part of their loss. 

This required our expertise in the hotel and licensed premises sector in order to facilitate the sale of the hotel as a going concern.  Shortfall recovery proceedings were pursued against the original borrowers and recoveries were ultimately made against assets that they had attempted to hide.  This involved obtaining a Freezing Injunction to prevent dissipation by the borrowers who had advanced plans in place to leave the jurisdiction with their funds. 

These steps achieved a very substantial recovery for the lender client.