Davis Woolfe is acting for Fay of London Limited in respect of a claim against Axis Specialty Europe SE arising from loans procured by Fay of London’s former solicitors, Jirehouse, without Fay of London’s knowledge or consent.

Fay of London instructed Jirehouse, a London-based firm of solicitors, in 2011. In or around September/October 2014, Jirehouse entered into a loan agreement with Bridging Finance Limited entirely without Fay of London’s authority or knowledge. That loan was secured by a legal charge over Fay of London’s property.

Following the misappropriation of the loan monies and the subsequent discovery of the legal charge registered against the property, Fay of London brings this claim to recover its losses. The defendant is the professional indemnity insurer that provided the primary layer of cover to Jirehouse, in the sum of £3 million per claim, at the relevant times. As Jirehouse has since entered insolvency, the claim is brought pursuant to the Third Parties (Rights Against Insurers) Act 2010.