Background

An ongoing family dispute regarding the beneficial ownership of approximately 40 companies and a number of properties, resulted in the matter being listed imminently for a court hearing. FRP’s Forensic Services Partner, Fiona Hotston Moore, was appointed as party expert to determine the rightful distribution on behalf of one party being a group of the family shareholders.

Action

The Forensic Services team were instructed to undertake a financial investigation to review the bank statements, companies accounts, tax filings and accounting ledgers over a ten year period. From the detailed investigation the team were able to give an opinion on the distributions to family members and the implication in relation to beneficial interest in the companies. The team also gave an opinion on the beneficial interest in a number of properties based on tracing the flow of funds. The findings were collated and submitted through an expert report and the team prepared a joint statement with the other party’s expert.

Outcome

Following the submission of the reports and just two days before the scheduled court hearing, the parties reached a settlement. The client noted “Can I also please add my thanks to you and the team for all your hard work on this and being so flexible with your time.  The quality of your report will not have been lost on the other side and no doubt will have played a part in their desire to settle.”