Read our consultant solicitor Shaun Reardon-John on why pre-action asset investigation and preservation is going to be crucial during the Coronavirus crisis. In issue 1 of ThoughtLeaders4 FIRE Magazine.
As Shaun writes:
In the panic to keep the economy afloat there will be unscrupulous parties seeking government funding for phantom projects. Locating the proceeds of these frauds and assessing the enforcement prospect at the outset will be crucial to prevent the proceeds of crime being layered through corporate structures over several jurisdictions, each fronted by nominees.
After the 2008 crash, our lawyers at Martin Kenney & Co. were heavily involved in tackling the after-effects of several notorious Ponzi schemes. Those who had invested with Bernie Madoff and Allen Stanford soon found out they faced possible ruin. Those who’d withdrawn their money early often received a windfall from their Ponzi “interest”; those who had not and remained “invested” often suffered catastrophic losses.
Looking forward, how claims are pursued could be about to drastically change. If there is a second or third wave of Covid-19, witnesses and experts are likely to be unwilling to travel. Conversely, it will likely be easier to locate people who may otherwise keep on the move. Ourselves and colleagues are already noticing that clients are becoming accustomed to mediation and other alternative dispute resolution methods via remote videoconferencing and depositions. Some judges are also reporting thatremote hearings are more efficient, which may lead these becoming the norm for certain types of hearings in the future.
Shaun is a consultant solicitor for our firm, based in the UK and previously here in the BVI. Read his bio here and read the whole piece here.