The U.K. Supreme Court / Courtesy Photo
The U.K. Supreme Court has ruled that a solicitors firm had waived its right to be prioritised over other creditors after its client entered the insolvency process—a landmark decision that could have a knock on effect on other firms looking to be paid first in similar insolvency situations.
In 2014, the appellant, a firm of solicitors called Candey Ltd, acted as legal adviser to Peak Hotels & Resorts on a worldwide litigation by way of a fixed fee agreement (FFA). However, the client company was placed into liquidation in the British Virgin Islands in 2016.
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