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Recoverability of ATE Premiums for Insolvency Litigation ends of the 1st April 2016

Recoverability of ATE Premiums for Insolvency Litigation ends of the 1st April 2016

Wednesday 27 January 2016

 

Most Insolvency Practitioners will now be aware that the recoverability of ATE premiums and success fees are due to cease on the 1st of April 2016.

 

Accordingly, clients who take out an insurance policy on or before 31st March 2016 will be able to recover the cost of the premium from their opponents upon success, whereas those who take out an insurance policy on or after the 1st of April 2016, will have to swallow that cost themselves out of their award.

 

This change has been expected for some time however, when more wide-ranging recoverability was due to cease in April 2013, many insurers saw a year’s worth of work during March 2013 alone, and despite working around the clock it was simply not possible for insurers to deal with every application in time. 

 

A great number of litigants were unable to obtain cover in time, which left them with large premiums to pay that could have been recoverable from their opponents had the application been submitted at the beginning of the year. Accordingly, leaving it until the last minute to submit ATE applications could leave you exposed to a potential professional negligence claim. Please apply now pre-issue if you are likely to have to go this course.

 

Why choose Maxima? 

 

Maxima are specialists in the ATE market and we have placed cases from as little as £20,000 to millions of pounds worth, just for insurance cover on a single case. We differ from other market competitors in that our service is personal, creative and we focus on managing our clients’ expectations, as well as their case requirements. We have an extensive list of insurers on our panel that provide quick responses and competitive prices.

 

How to submit a case to Maxima?

 

In order to be able to submit your case to Maxima, all you will need to do is either call 0333 772 0454 or email admin@maximallp.com and request an ATE proposal form. We will then submit your application form to our insurer panel and respond to you within 7-10 days with a quote.