Posted on: June 30th, 2016
Steven Philippsohn was one of a number of leading lawyers asked by the Times to comment on how the transition period leading to Brexit would impact on their specialist practice area. Steven pointed out the desirability of bringing litigation sooner rather than later:
“Uncertain economic times increase the risk that any opponent may suffer financial difficulties, making enforcement of a judgment more difficult, if not impossible. Taking action earlier may result in settlement or enforcement before the defendant becomes insolvent and the presence of other creditors results in a reduced recovery.”
The same applies if the claimant is facing financial strictures. “If those financial difficulties get worse before a claimant takes action, there may be an increased possibility that the claimant will need to provide security for costs or might otherwise be unable to afford to litigate.”
Those contemplating litigation may also wish to get to judgment quickly, given that the regime for enforcement of an English judgment in EU jurisdictions may change in the future, making enforcement more difficult.