Quanta Law Limited - Case Update

The Joint Administrators of a collapsed claims firm have filed their proposals outlining how the firm folded after learning that the cases it was pursuing were likely to fail.

Quanta Law Limited, which traded as Quanta Claims, was established in 2018 and specialised in the management of financial mis-selling claims. Most of its claims related to mortgage mis-sale and overcharges.

The firm’s troubles started in 2021, when Affiniti Finance - one of the main specialist lenders on which the firm relied to finance upfront costs and disbursements - entered administration.

Quanta was dealt another blow in December 2022, when it received an opinion from counsel that its mortgage mis-selling cases were likely to fail. The firm also began to receive adverse decisions on its overcharge cases.

Paul Stanley and Dean Watson of Begbies Traynor were appointed Joint Administrators on 19 June 2023.

From their investigations to date, the Joint Administrators have identified that in October 2022 the firm entered into an agreement to transfer the company’s interest in monies due from certain cases to Ryans Solicitors Limited, a connected party. The Joint Administrators have indicated that they will continue to review the matter to determine whether the transaction was conducted at fair value.

The Joint Administrators’ proposals report can be found HERE. They do not anticipate that any of the approximately £30m owed to unsecured creditors will be paid back.