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Stephen Dilley
Stephen Dilley _
: mandy.talbot¢”
Subject: Re: Post Office -v- Lee Caéiléton FAD 2133377 Marine Drive branch [1A.FID18640]
Follow Up Flag: Follow up
Flag Status: Green
Categories: Filed
Regretfully I have to agree. Thank you for all your hard work on this case.
Regards
Mandy Talbot
Dispute Resolution
Company Secretary's Office
Royal Mail Legal Services
148 Old Street
London EC1V 9HQ
To: <mandy.talbot¢,
cee nci CCE
“Subject: Post Office -v- Lee Castleton FAD 2133377 Marine
05/05/2009 20:22 Drive branch [1A.FID18640]
Dear Mandy,
As you know I have received reports from time to time from Mr Castleton's trustee in bankruptcy By way of what
should be a final report, Mr Castleton's trustee in bankruptcy has advised that:
1. Marine Drive has been valued at £175,000. The mortgagee is owed £292,204. There is therefore negative
equity. The mortgagee has obtained a suspended possession order against Mr Castleton for non payment of
arrears.
2. You may recall that Mr Castleton re-mortgaged with Commercial First in December 2006. This re-mortgage
apparently yielded a surplus of £42,271.99 which was paid into his RBS joint business account on 22 December
2006.
Certain of the monies was used to pay Mrs Castleton's business expenses (but for full value, so they are not
susceptible to challenge). In addition there was a payment of £20,000 payable tof
Again this was for value, so precludes any recovery. In any event Mr Castleton's share of the re-mortgage would
be £21,135 had he not spent it before he had gone bankrupt.
The trustee has therefore advised that the likelihood of recovery is extremely minimal and in any event unlikely to
be cost effective to pursue.
It is frustrating that there is no financial recovery in this instance although we knew that the prospects were slim
particularly after he was made bankrupt. Post Office Limited's main goal in pursuing Mr Castleton was achieved in
that we have a good judgment precedent which helps us to defend the Horizon system.
1
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In the circumstances I will shortly arrange to close our file.
Kind reyurds,
Stephen Dilley
Senior Associate
for and on behalf of Bond Pearce LLP
GRO
www.bondpearce.com
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