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JGM, Solicitor
Category: Scots Law
Satisfied Customers: 11559
Experience:  30 years as a practising solicitor.
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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: 4 years ago.
Category: Scots Law
Expert:  UK-Justice replied 4 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 4 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 4 years ago.


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,

Customer: replied 4 years ago.
Relist: Answer quality.
Expert:  JGM replied 4 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 4 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 4 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 4 years ago.
Ok Please leave positive feedback which will reverse the negative feedback on the system.
JGM, Solicitor
Category: Scots Law
Satisfied Customers: 11559
Experience: 30 years as a practising solicitor.
JGM and other Scots Law Specialists are ready to help you