£2.5 million claim for European fintech operator, owed by a UK payment institution.
A European fintech company instructed us to recover £2.5 million, owed by a UK payment institution.
As part of its international growth strategy, our client had entered into a co-operation agreement with the UK payment institution. Electronic transfers of monies were transferred into UK bank accounts set up by the payment institution. A complex dispute subsequently arose, including over the ownership of the monies. The UK banks operating the accounts closed the accounts and denied our clients access to the monies.
We needed to move quickly and decisively to secure the disputed monies and protect our client’s professional reputation as a reliable payment systems operator. The matter was also complicated by the insolvency of the defendant payment institution.
We successfully obtained a proprietary injunction to freeze the funds, and an order for up-to-date account statements.
Our strategy ensured that our clients monies remained available for recovery, giving our client peace of mind and time to issue proceedings for recovery through the Courts.