WHAT PEOPLE SAY
Justin Smith: Q.C
“The cost of litigation, particularly against a well-heeled or well insured defendant, often puts legal redress beyond the reach of a plaintiff. Aside from the (often unaffordable) costs there are the consequences of adverse costs in losing: an added deterrent if any was needed. Many a wrong doer avoids what should otherwise happen under the law because of this. Valid claims by liquidators and receivers go not much further than a letter of demand. Directors who could pay damages claims through insurance or their own resources (the latter often amassed at the expense of creditors) are not taken to task for breaches of their director’s duties. Auditors and others who allow companies to deepen their insolvency are left untroubled. Voidable, even fraudulent, preferences go unreversed. A host of other deserving claims in a variety of sectors simply go nowhere.
LPF in my experience fill a valuable role here. They are objective, straightforward to deal with, commercially experienced, and well resourced. They have a particular strength in objectively reviewing the merits of a claim before they agree to fund it and throughout the litigation process. They are hands on and show a particular aptitude in helping plaintiffs make sensible decisions. They have shown their commitment to funding lengthy large-scale commercial cases to successful conclusion in the face of strong opposition from defendants.”
Robert B Walker: Liquidator
“I am the liquidator of one of the largest property development collapses in New Zealand, leaving many ordinary trades people and creditors out of pocket. The outcome of my enquiries was that there was a serious case to answer for the directors and auditors of the collapsed group. Because the residual assets had been cynically and systematically stripped, I had few resources to issue proceedings.
Forensic action is prohibitively expensive at the best of times. In the circumstances I confronted, the potential defendants were well funded not least because they have the support of professional indemnity underwriters. I turned to LPF. My motive was not only to access funding for proceedings. I was also very keen for dispassionate review of the case I had formulated.
The money LPF provided was critical for what was a highly successful outcome after arduous legal effort. At least as important, though, was the expert critical eye that was cast across the evidence as it was compiled.
They supported the case over 6 years, including appeals to the Supreme Court. LPF made possible that which was otherwise impossible. I was able to fulfil my primary duty as liquidator to realise assets and, in the aftermath of the funded litigation, I am now able to pursue the residual assets. Litigation funding is critical to achieving justice in the civil courts. LPF’s operatives might be hard-nosed businessmen, but I regard their capital as being equivalent to the rivers cleansing the Augean stables.”
Chairperson & Owner: Body Corporate 83501
“LPF Group was introduced to our Body Corporate in June 2012, 18 months into a 3-year claim in the Christchurch High Court. Our Body Corporate of 42 owners had brought proceedings in relation to weather tightness and design deficiency claims had this was further complicated by damage that occurred during the 22nd February 2011 earthquake and subsequent aftershocks which meant we also had additional claims in relation to the earthquake damage our complex suffered. This meant that our claim was technically challenging and hard fought by multiple defendants.
Many of our owners were struggling financially to meet the costs of the experts required to prove the damage and the legal costs of the case and we needed funding support.
LPF Group immediately impressed us with their sound knowledge of Body Corporate governance, Unit Titles Act, property law, property related insurance and financial matters and the litigation process generally. They showed a great deal of flexibility and initiative in dealing with our special needs and tailored a funding package that suited our particular set of owners.
Our stressful situation was made much more manageable with LPF's continuous engagement and input to our committee, evidential experts and legal team.
Our claims settlement in the week before trial in October 2013 was greatly assisted through the funding and support provided by LPF Group. This support meant we could utilise the very best technical experts and lawyers. LPF assisted in committee decisions right to the end, making themselves available to our legal team, chairperson and committee, sometimes well outside business hours.
We all feel we achieved the best possible result in the circumstances and I have no hesitation in recommending LPF Group to New Zealand Body Corporates in particular and plaintiffs generally that needing litigation funding.”
Tim Smith: Partner
"As a partner in a Wellington litigation firm, I was approached by a liquidator to act as an instructing solicitor on a large insolvency case involving a claim against directors, valuers and auditors.
LPF’s involvement and its financial backing has been instrumental in ensuring that the right team could be assembled to run the claim and to ensure that the resources are available against a large number of defendants and to tackle the complex legal issues in the case. It is reassuring to know that we have the right team and that bills will be paid.
I make the obvious point that the claim could not have got off the ground without LPF’s financial assistance. Their funding is providing the opportunity for creditors to have a prospect of a recovery of their losses that would simply have been lost without the availability of litigation funding from LPF.
It is my view that LPF is adding a huge amount of further value to claim beyond just money. As well as providing advice on potential appropriate experts and the like, the commercial and legal expertise within LPF means that it can provide vital complementary perspectives to those which can be provided by a traditional litigation team of instructing solicitors and leading counsel. The LPF team are judicious commercial operators and a pleasure to work with. The presence of Bill Wilson QC adds an additional layer of legal reassurance and a valuable cross check of the strategic directions being taken.
I would have no hesitation in agreeing to work on another claim with LPF as the litigation funder."
Stephen Mills: Q.C
“My experience of working with LPF has been a positive one. The key people are commercially astute and supportive when required. LPF has the ability to provide a very useful service to clients who need funding to pursue worthwhile claims. Being fully funded certainly enhances the prospect of success.”