Direct Line ABS to stay in business after buying out Parabis for £1

• Localización: The Lawyer, ISSN-e 0953-7902, Vol. 31, Nº. 1 (1/11/2016), 2016
• Idioma: inglés
• Texto completo no disponible (Saber más ...)
• Resumen

  • The ABS set up by Direct Line and now-defunct Parabis, DLG Legal Services, is continuing operations after the insurer paid Parabis £1 for its nominal share of the business and took on 150 ex-Parabis lawyers.

    As part of the agreement reached between the two parties DLG received a net payment of £3.9m from Parabis LLP, which included a £4m payment to settle the £6.72m of debt owed to the business, according to a report filed by Parabis' administrators AlixPartners at Companies House.

    In addition to the £1 for Parabis' nominal share in the ABS, DLG also paid its joint venture partner £265,000 in respect of the profit share due to Parabis under the terms of its original joint venture agreement.