Delighted to advise on a successful dispute settlement
We are delighted to have advised our client, a producer of racing and track cars, to reach a successful settlement in a dispute with a former director over sums owed to the company pursuant to a director’s loan.
The terms of the settlement and the details of the parties remain confidential but the claim related to payments which had been made to the director during his employment and whether those sums were now payable to the company on the basis that they were paid pursuant to a director’s loan or whether there had been an agreement that the sums were in fact paid to the director by way of a combination of dividend and salary payments. The defence also raised arguments of set-off in respect of other sums allegedly owed by our client to the former director.
Olivia Morton, an associate in our Dispute Resolution team, said, “It was a pleasure to work with the current directors and shareholders of the client and we are pleased to have reached a very positive outcome that has avoided the need for this case to go all the way to trial and will enable the directors to continue to focus their energy on their day-to-day business.”