Optimise, the insolvency litigation and financing business launched by Provenio Litigation LLP, has marked its first year in business with an “exceptionally strong” pipeline pointing to increased activity levels across a broad range of insolvency related claims.
In total, the business is now funding in excess of £10 million worth of live claims covering directors’ loan accounts, breach of contract, breach of duty, transactions at undervalue, preference, unlawful dividends, wrongful trading and claims against third parties.
Optimise financially supports the work of insolvency practitioners to make the best possible recoveries for the creditor estates. The liquidator or administrator receives an upfront payment and an agreed percentage of the final recovery on the claim.
“It has been a strong first year for the business,” said founder and managing director, Mark Goodwin. “In addition to the millions of pounds of insolvency related claims we are currently funding, the pipeline for the year ahead is exceptionally strong across all case sizes.”
Added Mark: “With company insolvencies continuing to rise, there are numerous legitimate legal claims against former directors and third parties that might not be pursued due to lack of funds. Optimise is bridging this gap, ensuring that insolvency practitioners and creditor estates receive maximum returns. By providing the necessary funding, we are helping to ensure that justice is served and creditors are fairly compensated."
Operations Director Harry Goodwin says Optimise’s flexible approach has been well-received by insolvency practitioners - providing the business with a competitive advantage.
“We have taken on board all the feedback from our insolvency practitioner clients and contacts over the 12 months,” said Harry.
“We are providing office holders with a high-quality solution to maximise returns on legal claims. We have the flexibility to agree proportionate pricing models to suit the particular circumstances of each claim. Using the most appropriate pricing structure from a range of options in each case is allowing us to provide greater returns for the insolvent estate.”
Added Harry: “The year ahead is all about continuing our journey and forging ever closer links with the insolvency sector. We are committed to growing the business by listening to our clients and addressing their needs.”
Harry’s views were echoed by Optimise’s Client Services Director Paul Flint, a highly experienced chartered accountant and insolvency practitioner.
Paul is the former Joint Head of Alvarez and Marsal Restructuring North West and has decades of experience providing restructuring advice and support to under- performing businesses and their stakeholders. His assignments have covered owner managed businesses to public listed companies.
“Optimise has made giant strides over the last 12 months,” said Paul.
“With insolvency activity across the UK remaining at elevated levels, we are well placed to continue our progress as a significant disruptor in a mature market dominated by one supplier.”