When careful talk saves time and money
Europe's biggest-ever mediation settlement recently proved that alternative dispute resolution was new in the big league. Could other insolvencies benefit? Mark Humphries, Susan Kelly, Eleni Pavlapoulos and Philip Winterbourne from Linklaters think so
Remember the collapse of Atlantic Computers in 1990? It also brought down British & Commonwealth Holdings (B&C) – the company that had taken it over. The collapse triggered a series of litigations. After an extensive investigation into Atlantic by the DTI, Atlantic and B&C started proceedings against a spectacular cast including BZW (B&C’s advisers in the takeover), NM Rothschild (Atlantic’s advisers in the takeover), OC&C (strategy consultants in the takeover), Spicer & Oppenheim (Atlantic’s former auditors) and various Atlantic directors. B&C also sued Atlantic. B&C claimed a total of £850m including interest. The trial had been scheduled to begin in May 2000 and was predicted to last for 15 months. The litigation settled in January 1999 following the biggest-ever known European mediation. The mediation was conducted with the support and approval of the Centre for Dispute Resolution (CEDR) by two co-mediators – Lord Griffiths, a retired Law Lord, and US mediator Jonathan Marks. Is mediation or alternative dispute resolution (ADR) particularly suited to insolvency-related cases? We think it is.
This premium content is reserved for
Legal Week Subscribers.
Subscribe today and get 10% off.
A PREMIUM SUBSCRIPTION PROVIDES:
- Trusted insight, news and analysis from the UK and across the globe
- Connections to senior business lawyers within the leading law firms and legal departments
- Unique access to ALM's unrivalled, market-leading reporting in the US and Asia and cutting-edge research, including Legal Week's UK Top 50 and Global 100 rankings
- The Legal Week Daily News Alert, Editor's Highlights, and Breaking News digital newsletters and more, plus a choice of over 70 ALM newsletters
- Optimized access on all of your devices: desktop, tablet and mobile
- Complete access to the site's full archive of more than 56,000 articles
Already have an account? Sign In Now
For enterprise-wide or corporate enquiries, please contact Paul Reeves on Preeves@alm.com or call on +44 (0) 203 875 0651