Insolvency practitioners will be all too familiar with the practicalities of litigation. While they may have less to fear from the court process than lay litigants, they know very well the risks associated with trial and the dangers of a pyrrhic victory.
Insolvency practitioners contemplating taking out adverse costs insurance would be well advised to consider mediation before doing so.
Often litigation settled on the basis of a costs-inclusive lump sum offer and an adverse costs insurance premium can severely erode the amount left for costs and creditors. When insolvency practitioners involve mediators before taking out insurance cover, such erosion can be avoided.
Working with a mediator who understands the insolvency practitioner’s perspective can maximise the chance of achieving a settlement efficiently and effectively.
At Milsted Langdon, insolvency practitioner and mediator Roger Isaacs leads our mediation team. Roger is accredited by the Centre for Dispute Resolution (CEDR), one of the leading mediation groups in the country.