We are delighted to announce that the NWIC Action Group represented by Penningtons has been offered full ATE insurance, comprehensively covering all our members against legal costs incurred by the defendants’ solicitors.
This means that all cases can now progress as far as they need to and proceedings are likely to be issued shortly.
This marks an important milestone for our action group, and makes a fundamental difference to how the defendants’ insurers perceive our case as they now know we can pursue them to all the way to trial if needs be. This means that we are now in an excellent position for negotiation, as insurers will only negotiate seriously with a group that is already insured or is likely to be.
The decision to provide our group with ATE insurance is also a concrete vote of confidence on the merits of our case, displaying that our insurers are willing to ‘put their money where their mouth is’ and effectively bet millions of pounds on the success of our case. Our group is currently insured for in excess of £5 million, with every member insured individually against adverse legal costs.
This milestone is also a vindication of how we’ve structured our claims as an action group, as it means that our strategy has worked to place our members in an excellent position at a low cost to each member. We are aware of other groups attempting recover investor’s lost deposits, as well as the terms they are offering, however none of them are anywhere near as cost-effective for members as our own action group.
Our action group is now reopen for members for a limited time.
If you have lost your deposit on an NWIC insured development, and haven’t yet joined our action group, register your interest with us now via our contact page.
We are by far the largest group arising out of the collapse of NWIC, with hundreds of members for whom we are pursuing claims running in to tens of millions GBP.
Our group is fully insured, fully funded and further advanced than any other group.
Join us in our goal to recover all our members’ lost deposits.