Court Paves Way For Bad-Debt Investor To Recover £590K
Law360, London (September 4, 2019, 5:40 PM BST) -- An investment fund that specializes in buying distressed debt can recover approximately £590,000 ($720,000) from a former client of Clydesdale Bank PLC after an English court found the debtor’s relationship with the bank was not unfair.
High Court Judge David Cooke ruled on Tuesday that Promontoria Ltd., a so-called vulture fund that invests in debt considered to be very weak or in default, can recover the money and repossess two properties belonging to Gurcharn Samra, who ran a car stereo business.
Samra contended that Promontoria had to prove it had the right to collect on debts ultimately offloaded by Clydesdale to...
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