Third Party high value commercial litigation funding
It is a general requirement that the solicitor is working on at least a partial conditional fee agreement. However we will consider other cases on their merits (e.g. primary liability admitted, quantum disputed). Additionally there is no upper limit on the amount that can be funded.
Our funding can be used to fund disbursements. This includes expert’s reports, counsel’s fees, issue fees etc. Funding can also be provided for own solicitors costs. This funding can be applied retrospectively to costs already incurred.
It is not a requirement that an ATE policy is taken out with Acasta although this can also be considered. This will also extend to cover the loan repayment in the event that a case is lost as well as covering the adverse costs. Effectively this makes the loan non-recourse which enables an impecunious claimant free to pursue their action or a more solvent claimant to take the litigation risk “off balance sheet”. If ATE insurance isn’t required, a Financial Guarantee Insurance Policy can be incepted to cover the loan.
We have made the cost as simple and transparent as possible. If the claim succeeds, interest is charged at 1% per month on the funding utilised and then a further payment equal to 20% of the damages received, after repayment of the principal loaned sum and interest.
This process has been designed to be as straightforward as possible.
Step 1 – Submit a proposal form to Acasta at email@example.com which will enable us to consider the merits of the case. This should be accompanied by supporting documentation.
Step 2 – Normally within 3 working days we will respond with an “in principle” decision as to whether or not the case is suitable.
Step 3 – If the case is acceptable, our underwriters will then liaise with the solicitor to gather any further information or undertake any due diligence that is required and confirm the amount of funding required. It should be noted that our underwriters are qualified solicitors and as such are fully aware of the law and the nuances of client relationships.
Step 4 – Once accepted our underwriters will prepare all the necessary paperwork and issue the ATE policy and agree the drawdown of the funds. It should be noted that the amount drawn down can be all or any of the agreed fund dependent upon requirements and interest is only payable on the actual monies drawn down. The interest does not become payable until the conclusion of the case.