POL00072206
POL00072206
Message
From: mandy.talbot¢
Sent: 06/05/2009 10:34:
To: Stephen Dilley [/O=BOND PEARCE/OU=FIRST ADMINISTRATIVE GROUP/CN=RECIPIENTS/CN=SJD3]
ce: mandy.talbot!_
Subject: Re: Post Office -v- Lee Castleton FAD 2133377 Marine Drive branch [1A.FID18640]
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
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__Stephen Dilley
f To: mandy . tal bot.
[GRO Ce; mandy salboe
™ 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 to Woodleigh Private
School. 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.
In the circumstances I will shortly arrange to close our file.
Kind regards,
stephen Dilley
Senior Associate
POL-0068769
for and on behalf of Bond Pearce LLP
GRO I
www. bondpearce. com
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