The Precision Group involvement in the financial services industry through Lenders Direct perfectly positions it to recognise value and investment in other niche lending organisations. One of these is Litigation Lending Services.
The company facilitates insolvency practitioners' access to the legal system in order to pursue litigation as a Liquidator, Trustee or Administrator with full cover for legal costs and complete protection against any adverse costs orders. The insolvency practitioner is provided with a contract that gives full protection from the cost and risk associated with litigation whilst leaving the practitioner with the flexibility to retain their preferred legal advisors and to control the direction of the litigation. In addition Litigation Lending Services can, subject to certain criteria, provide funding solutions for class actions, individuals and solvent entities.
At the same time Litigation Lending Services will meet the full costs of the extensive team of solicitors, barristers and experts required in corporate litigation and provide litigation management advice to ensure that the case reaches an acceptable conclusion in the most effective manner. All this is at a cost that is only payable if the matter concludes in the insolvency practitioner's favour.
Precision sees significant growth in this form of lending and actively participates through representation on the Board of Litigation Lending Services.