Global shipping law firm HFW has found a new partner to help it assist companies hit by the effects of the Covid-19 pandemic.
The London-headquartered company is teaming up with accountancy group KPMG, as well as existing finance partner Augusta Ventures, to support businesses needing to launch litigation or arbitration as a result of lockdowns.
The trio will provide a "one-stop shop" that can quickly help companies with cash requirements and other related services, they said.
Augusta is the financier, while HFW and KPMG are offering their expertise in law, asset tracing and enforcement measures.
"Augusta’s assistance will enable claims to be swiftly investigated and the merits established, so that clients can decide how they wish to proceed, including by way of litigation or mediation," HFW said.
Quick funding is vital
"The pandemic is the biggest disruption to business since 2008 and will give rise to countless disputes and claims, largely through no fault of either party," HFW partner Brian Perrott said.
"But companies wishing to resolve such disputes may find themselves unable to fund the costs of any litigation at this difficult time."
He added that having Augusta on board will "be of great comfort" to companies dealing with unforeseen consequences.
Perrott said many claims do not proceed or fail because of an inability to locate and enforce against assets.
He added that KPMG will be able to ensure matters are properly investigated.
Robert Hanna, co-founder and managing director of Augusta Ventures, said the outfit will level the playing field and provide access to justice.
Partnership started last year
HFW launched a litigation-funding deal worth £25m ($31m) with Augusta last year.
It said clients would be able to access funding at "competitive rates", assessed by a joint committee of Augusta and HFW partners, who will identify cases that may qualify.
Sums of up to £30,000 (around $37,000) were to be made available to gather evidence to support applications to the committee.
Augusta is funding the entire cost of pursuing a claim, including legal and expert witness fees and other costs.
Claimants are not required to repay in the event their claim fails.
Augusta will only recover its investment from cash received from defendants.
The company is the UK's largest litigation and disputes financier by case volume.
