MJN Forensics is a specialist accounting firm providing Forensic Accounting and Expert Witness Services throughout the UK and worldwide.   Our experience includes:

Contentious Valuations Experience

Our assistance has been required when parties fall out such as in the event of a divorce and the dispute requires the valuation of a business.  We have also helped with valuations for probate disputes, shareholder disputes, agency terminations and insolvency matters.

Shareholder Disagreements

Following the termination of a director, who was also a shareholder’s, employment Vanessa was instructed to provide a valuation of the business for the Defendant.

The business was heavily dependent upon the input of the Defendant and as such Vanessa had to provide an alternative valuation for the Defendant’s services.

The case went to trial where Vanessa gave evidence at trial.

Valuation – Agency Terminations

Vanessa has provided valuations of agencies for both the agent and the principal.

The businesses involved have been retail, commercial, manufacturing and light engineering.

In all agency valuations it is necessary to isolate the business operations of the particular agency agreement and provide a valuation of that part of the business rather than total operations.

Probate Valuation

As a result of a probate dispute, Vanessa was instructed to value a number of different businesses and shareholdings, including property holding companies in the UK and abroad, retail outlets and car dealerships.

The valuations were required at the date of death, which occurred a number of years before the instructions were received.

This meant that the valuations had to be based on historic data.

Breach of Warranty

Vanessa was appointed to prepare a calculation of the losses arising from a breach of warranty claim.

After an Expert meeting the case proceeded to trial where Vanessa gave evidence.

Matrimonial

Following the breakdown of a marriage Vanessa was instructed to act as a shadow expert in respect of a valuation of an owner managed business.

A major argument arose over the large cash balance held by the company.

However, after investigation and preparation of calculations Vanessa showed that due to the nature of the business the cash was required as working capital.

Aircraft Leasing

Vanessa was instructed by the Claimant to provide a valuation of a company at various dates.

This was an advisory role in support of negotiations occurring in parallel with a mercantile Court trial on liability.

The Claimant sought damages for failure to allot shares that it allegedly had been contractually promised in return for an initial investment.

The company concerned had purchased delivery slots for new large commercial jet aircraft with the intention of either leasing or selling the aircraft upon delivery from 2010.

The case settled at mediation.

Property Investment – Divorce Valuation

In a divorce case Vanessa was appointed as the single joint expert to provide a valuation of the owner managed business, which invested in commercial and residential properties.

Telecom Sale – Breach of Warranty

After the sale of a telecom business the purchaser claimed that the warranties and guarantees had been breached and the contingency was not due.

Vanessa was appointed to determine whether the initial projections were flawed as claimed.

Valuations Experience

 

 

 

 

 

Termination of Contract

Following the early termination of a contract for an airport concession which resulted in the closure of the outlet site Vanessa was appointed to determine the profit that would have been achieved had the concession continued to operate.

Mining

Vanessa worked as part of a team quantifying the loss of production at a copper mine following an explosion, including assessing mine plan changes, lost revenue from by-products, costs saved and increased cost of continued operation.

Noise Nuisance

Vanessa was instructed by the Defendant in relation to a claim for trading losses and loss of investment income because they were unable to sell their property at full value due to the blight caused by the noise nuisance. The case settled at mediation.

NHS Overpayment

The NHS claimed to have overpaid agency nurses.  Vanessa was instructed to investigate the payments made and to determine the value of any overpayment.  Following a detailed review and report, the NHS recovered substantial amounts.

Benefit Claims

Vanessa was instructed to review the trading accounts to determine whether benefits had been fraudulently claimed.  Following the provision of the report the benefits were reclaimed and criminal action taken.

Local Authority

Vanessa was appointed by the local authority to calculate the losses suffered after a major incident at a tower block. The calculation included the increased costs of re-housing the residents in neighbouring boroughs.

Insurance Claims Experience

Insurers have used our services to calculate loss of profits, increased costs and stock losses after an insured event.  We are experienced at working with teams including loss adjusters, engineers and other professionals to achieve a satisfactory conclusion to the claim.

Stock Loss

Following a fire at a food processing plant, Vanessa worked with adjusters to review the financial claims presented by the Insured.

The losses included costs of freezing products, increased costs of distribution and out-sourcing and lost margin on frozen products compared to fresh products.

Printing Company – Valuation after flood

Vanessa evaluated business interruption claim at a printing company following a flood.

The calculation of losses included converting lost production time to sales value and reviewing the increased costs due to out-sourcing the printing.

Fire – Food Industry

Vanessa was appointed to calculate the loss of profits at a major food retailer following a fire at the premises.

This included analysis of the revenue lost at the particular store and also gains at surrounding stores.

Product Liability

Vanessa was instructed by insurers following a product recall claim of timber frame manufacturer.

Her work included assessment of lost contracts, cost of repairs and impact on future sales.

Insurance Recovery – Warehousing

Vanessa was instructed by the Defendant to review the recovery claim by insurers following a flood at a book warehouse.

The case settled at the start of the trial.

Insurance Recovery – Power Station

Following an incident at a power station where insurers paid claims for losses.

Vanessa was instructed by insurers to calculate the losses to be recovered from third parties.

The majority of the losses were increased costs from the incident, which included analysis generation regimes before, after and during the incident.

This case settled after being part heard.

Rail – Performance Regime Loss

Vanessa was instructed by a train operating company’s insurers to assess claims under the performance regime as a result of damaged points. The incident caused the track to be closed for some time and then to operate as a single track. She spent considerable time with Network Rail (formerly Railtrack) to understand the conversion of actual minutes to performance minutes and the implications of the various schedules within the performance regimes.

Also, she has been instructed by insurers on a number of occasions to calculate performance regime losses following such incidents as bridge collisions and crossing incidents which resulted in the closure of railway lines. In these cases the lines have been closed for periods from a few hours to a few days and have involved one or more train operating companies.

Rail Loss of Revenue

Initially Vanessa was instructed by Railcare’s insurers to review the claim for loss of ticket and catering revenue as a result of a rail incident. However, the claims were not settled and GNER started proceedings against Railcare. She continued as the Expert for Railcare and her work included analysing ticket sales by types, revenue streams and factors influencing rail network (GNER v Railcare).

The case was heard in the High Court and Mr Justice Gross awarded damages based on her calculation where he said “The Winspeare approach: As already foreshadowed, I favour Ms. Winspeare’s budget based approach…” [2003] EWHC 1608 (Comm) Case No: 2000/762

 

Commercial Disputes Experience

 

From our involvement in commercial claims we have gained experience of a wide range of business types from sold trader to plc and over a variety of industries.  We have calculated the loss of profit and/or increased costs arising from a dispute.

Telecom Sale/Breach of Warranty

The deal for the sale of a telecom company included a contingency amount held by the purchaser which would be paid after a certain period of time if the company performed as warrantied.    At the point that the contingency was due to be paid the purchaser claimed a breach of the warranties and that no amount was due.  The seller claimed the contingency from the purchaser.  Vanessa was appointed to determine whether the initial projections were flawed as claimed.

Using Vanessa report as the basis for a settlement offer, the seller obtained some of the contingency due without resorting to Court.

Rail Losses/Loss of Revenue

Vanessa has acted as an Expert in respect of a number of rail losses.  In this particular case, initially Vanessa was instructed by Railcare’s insurers to review the claim for loss of ticket and catering revenue as a result of a rail incident. However, the claims were not settled and GNER started proceedings against Railcare.  She continued as the Expert for Railcare and her work included analysing ticket sales by types, revenue streams and factors influencing rail network (GNER v Railcare).  The case was heard in the High Court and Mr Justice Gross awarded damages based on her calculation where he said

“The Winspeare approach: As already foreshadowed, I favour Ms. Winspeare’s budget based approach…”  [2003] EWHC 1608 (Comm) Case No: 2000/762

Bank Product Miss-sold

Vanessa was appointed to prepare a calculation of the consequential losses arising after the miss-selling of a bank product.  It was necessary to analyse the impact of the additional charges resulting form the misselling to determine the impact of these on the existing business.  In addition to see if the development of the business had been curtailed or delayed.

Vanessa’s report was used by the bank to evaluate the claim and was used as the basis for the settlement without resorting to the Courts to resolve the matter.

Investigation: Broker Accounts

Vanessa was instructed to review a broker’s accounts in relation to a large insurer.

The review included checking policy documentation, premiums and claims to ensure that Insurers were receiving and paying the correct amounts.

Vanessa has been instructed as a single joint expert and also as a shadow expert.

She has provided valuations of owner managed businesses and shareholdings in both small and large companies.

Breach of Supply Agreement

Following the breach of a sole supply agreement, Vanessa was instructed by the Claimant to calculate the losses that arose had the contract been fulfilled.

The case was heard at International Arbitration where the arbitrator found for the Claimant.

Multi-party Action: Expert Reporting

Vanessa was appointed as the Defendant’s expert in relation to three claims against them for loss of profits and increased costs of working totalling £7 million.

Following the preparation of an Expert report, the Claimants settled the case at considerably less than the claimed amount.

Patent Breach

When it was found that a new product breached an existing patent.

Vanessa was part of a team appointed to calculate the losses which included loss of market share, lost revenue as new entrants to the market causing a reduction in the selling price and increased costs of royalties and disposal of infringing product.

Accident & Injury Claims Experience

 

We have extensive experience of personal injury, medical negligence,  professional negligence and fatal accident claims including claims for loss of earnings, loss of benefits, loss of pension and loss of value of a business.

Builder Loss of Earnings

Following a road traffic accident, the Claimant suffered significant life altering personal injury, he was no longer able to undertake physical building works.  Vanessa was instructed to calculate the losses that the Claimant had suffered.  In this case as well as the loss of earnings as the Claimant was the figure head and undertook most marketing, estimating and client meetings, there was also an increased cost of additional staff required to carry out the physical work of the Claimant.

Vanessa undertook detailed analysis of the business to value the input of the Claimant to the business.  She was able to extrapolate sales based on the historic levels taking into account current economic conditions.

The matter settled before reaching Court.

Expert Reporting

Procurement Investigation

Vanessa was instructed to review payments under a contract to determine whether they were genuine payments or to identify those that were suspicious.

A report was prepared and the questionable payments were quantified.