Insolvency expert sued for £1.5m

A BARRISTER who specialises in insolvency work is being sued for £1.5 million by his bank.

In a High Court writ, Lloyds Bank claims John Davies, of Colin Brodie QC's 24 Old Buildings chambers, borrowed the money secured against a Westminster property.

The writ, issued by Hammond Suddards, claims Davies had not repaid the money and had refused to sell the property even though there was a potential buyer.

It alleges he would not sell unless the bank waived a large part of his debt in return for his co-operation.

The writ seeks a possession order along with repayment of the money and interest.

Davies, who is a Lloyd's name, said he was still in negotiations with the bank and still hoped an agreement could be reached.

He said the disputed cash figure had now been reduced by £700,000 because he has since sold the house in question.

“I am also in the process of selling another 13 flats,” he added.

Davies was called to the Bar in 1977. He is a member of the Chancery Bar Association, the Local Government and Environmental Bar Association and the Insolvency Bar Association.