The claim by the liquidators is the latest twist in the ongoing saga of the companys collapse at the end of 2021
By Matthew Corrigan
Published: February 14, 2025 Updated: February 17, 2025
The claim by the liquidators is the latest twist in the ongoing saga of the company's collapse at the end of 2021
target=_blank title=Share on LinkedIn class=share-linkedin> The claim by the liquidators is the latest twist in the ongoing saga of the company's collapse at the end of 2021
https://www.tvbeurope.com/business/arena-tv-liquidators-dismiss-banks-defence-as-unsustainable title=Share via Email class=share-email>
The liquidators for Arena Television have said Lloyds Bank's defence as unsustainable .
Following the collapse of the outside broadcasting company and subsequent legal proceedings, Lloyds Bank and its subsidiary, Bank of Scotland, stated in is defence that former Arena directors Richard Yeowart and Robert Hopkinson had the authority to give instructions for payments. According to a report on Law360, in a High Court filing on January 31st, liquidators said that defence is liable to be struck out if the banks were part of a dishonest and fraudulent scheme.
The liquidators have alleged the collapse was caused by the misuse of Covid-19 loans. Arena allegedly received more than £280 million from the taxpayer-backed loan scheme, secured against broadcasting equipment which the liquidators allege either did not exist or was already subject to asset-backed lending.
In June, Arena's liquidators said that payment instructions to the banks were not given honestly, and that the banks failed to inquire whether Yeoman or Hopkinson had the necessary authority.
Lloyds and Bank of Scotland both denied that any losses arising from the alleged fraud fell under their duty of care, with an October filing stating their duty was limited to making authorised payments and [to] refrain from debiting sums without authority. It does not extend to detecting, and preventing the continuation of, a fraudulent scheme by the customer.
Lloyds also said that no individual employee had reasonable grounds to suspect fraud. The bank has also counterclaimed for more than £30.1 million in outstanding loans and interest under contracts dating back to 2013. The liquidators have not yet determined whether to admit or reject Lloyds' proof of the debt.
The banks have further brought a claim against Arena, alleging deceit and unlawful means conspiracy which, according to the liquidators' response, relies on attributing the actions and knowledge of the former directors to the liquidators.
In a statement to Law360, a Lloyds Bank spokesperson said, We are robustly defending the case. We believe the claim wrongly seeks to hold Lloyds Banking Group liable for the financial consequences of a complex alleged fraud perpetrated against more than 50 lenders, including Lloyds Banking Group.
A Serious Fraud Office investigation into the business practices of individuals associated with Arena and its linked entities led to an arrest in December. The investigation is ongoing.
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The claim by the liquidators is the latest twist in the ongoing saga of the companys collapse at the end of 2021
