How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask JGM Your Own Question

JGM
JGM, Solicitor
Category: Scots Law
Satisfied Customers: 10090
Experience:  30 years as a practising solicitor.
31090051
Type Your Scots Law Question Here...
JGM is online now

I had a loan to buy shares in my business from a UK bank(RBS)

Resolved Question:

I had a loan to buy shares in my business from a UK bank(RBS) which was on a LIBOR rate loan. The bank put the company into receivership and I lost my business, income and properties. As Libor rates have been proved to be fixed fraudulently,and this contributed to my business failure, do I have a claim against the bank?
Submitted: 3 years ago.
Category: Scots Law
Expert:  UK-Justice replied 3 years ago.
Thanks for your question, my name isXXXXX will do whatever I can to help you today.

How did libor make your business fail?
Customer: replied 3 years ago.
The Iibor loan increased my costs which contributed to my business failure.As these rates were being manipulated I would consider this fraud.
Expert:  Shantal-Mod replied 3 years ago.

Hello,


It seems the professional has left this conversation. This happens occasionally, and it's usually because the professional thinks that someone else might be a better match for your question. I've been working hard to find a new professional to assist you with your question, but sometimes finding the right professional can take a little longer than expected.

I wonder whether you're OK with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.

Thank you,
Shantal

Customer: replied 3 years ago.
Relist: Answer quality.
Expert:  JGM replied 3 years ago.
Thank you for your question.

The answer to your question is that you might have a claim but you would have to prove that there was a manipulation of the libor rate which affected the loan that you had as a result of which your business failed and that there was no other reason for the business to fail.

In other words there was a delict committed by the bank and a direct causal connection to the failure of the business.

You will need to get a report from a forensic accountant acting as an expert witness in support of your contention. He will have to do cash flow projections based on various assumptions both factual and speculative, ie, had the business been run in exactly the same way with more preferential loan terms would there on a balance of probabilities have been a different end result.

I hope this helps. Please leave a positive response so that I am credited for my time.
Expert:  JGM replied 3 years ago.
You have left a negative feedback rating. Given the facts provided by you, your question was answered correctly even if you didn't like the answer. Please let me know if I can help you further but leaving negative feedback without explanation is unlikely to resolve your problem.
Customer: replied 3 years ago.
I did not mean to leave negative feedback . I touched the wrong icon by accident. . The answer you gave is as good as it gets . The loan I took out was over 630,000 GBP and represented 30per cent of the peak borrowing , so it had a significant impact on the events. The bank have refuted claims that they reacted wrongly but I am left with probably not enough money to fight them legally
Expert:  JGM replied 3 years ago.
Ok Please leave positive feedback which will reverse the negative feedback on the system.
JGM, Solicitor
Category: Scots Law
Satisfied Customers: 10090
Experience: 30 years as a practising solicitor.
JGM and other Scots Law Specialists are ready to help you

What Customers are Saying:

 
 
 
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
< Previous | Next >
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
  • A quick response, a succinct and helpful answer in simple English. I believe I can now confront the counter party with confidence -- worth the 30 bucks! Rick
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther
 
 
 

Meet The Experts:

 
 
 
  • Ben Jones

    Ben Jones

    UK Lawyer

    Satisfied Customers:

    4
    Qualified Solicitor - Please start your question with 'For Ben Jones'
< Last | Next >
  • http://ww2.justanswer.com/uploads/BE/benjones/2015-12-1_0437_ennew.64x64.jpg Ben Jones's Avatar

    Ben Jones

    UK Lawyer

    Satisfied Customers:

    4
    Qualified Solicitor - Please start your question with 'For Ben Jones'
  • http://ww2.justanswer.com/uploads/MS/MsAM/2012-6-9_16426_anna.64x64.jpeg Anna's Avatar

    Anna

    Teacher, writer, biologist

    Satisfied Customers:

    270
    Great research skills, variety of work experiences, teaching experience.
  • http://ww2.justanswer.com/uploads/PD/pdheslin/2012-6-6_232056_pambig.64x64.jpg pdheslin's Avatar

    pdheslin

    Consultant

    Satisfied Customers:

    51
    20+ years of internet site creation and search engine optimization. Dozens of search tools at my disposal.
  • http://ww2.justanswer.com/uploads/BL/blueflowers1063/2013-10-10_35834_KimHolidays1.64x64.jpg Kim D.'s Avatar

    Kim D.

    Consultant

    Satisfied Customers:

    27
    Researcher 20+yrs in small and large institutions
  • http://ww2.justanswer.com/uploads/NU/nursescare4u/2013-3-31_03429_JApic.64x64.jpg findinganswers's Avatar

    findinganswers

    Internet Researcher

    Satisfied Customers:

    22
    Internet Researcher, Nurse for over 17 years, and can find answers for you!
  • http://ww2.justanswer.com/uploads/PR/ProMBA/2012-6-7_154051_beach.64x64.jpg ProMBA's Avatar

    ProMBA

    Internet Researcher

    Satisfied Customers:

    3
    I'm an owner of three businesses, with both undergraduate and graduate business degrees from top tier universities.