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ARTICLE · 08 DECEMBER 2015

Professional Negligence Claims - Remote Or Recoverable?

MacRoberts
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In the case of Wellesley Partners v Withers LLP [2015], M Wellesley Partners LLP instructed solicitors firm, Withers LLP, to draft a limited liability partnership agreement to allow the admission of a number of new partners in a bid to boost their capital

United KingdomLitigation, Mediation & Arbitration
Julie Hamilton
Julie Hamilton
Sophia Harrison
Sophia Harrison
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Background

In the English case of  Wellesley Partners v Withers LLP [2015] EWCA Civ. 1146 an  executive search consultancy firm, M Wellesley Partners LLP ("Wellesley") wanted to boost its capital. To do so, it decided to admit a number of new partners and instructed a solicitors firm, Withers LLP, to draft a limited liability partnership agreement ("Agreement")to allow the admission of those new partners.

One of the new partners was to be Addax Bank BSC ("Addax") which was to make a capital contribution to Wellesley of £2.5million. It was made clear by Wellesley that the Agreement should be drafted so that Addax would have an option to withdraw 50% of that contribution after 42 months of the Agreement being entered into. However,  in error, the Agreement was drafted by Withers so as to allow Addax to withdraw its £1.25 million within 41 months of the Agreement being entered into. Addax withdrew its investment after only 12 months. Not only was this far sooner

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