Aviva News Update: Lord Sugar Wins £1m Loan Repayment
Aviva News Update: Lord Sugar wins £1m loan repayment in theatre’s victory over Aviva, the Telegraph reported. This follows the Peer’s loan to the Hackney Empire.
The Telegraph have reported that the interest free loan that Lord Sugar made to the Hackney Empire is to be re-paid to him after the theatre won a long running court battle that that they had been fighting with insurers Aviva. Arts fans in East London were popping the champagne corks as the Hackney Empire announced that they were now able to pay their debts.
The dispute with insurers Aviva had started back in 2004 when renovators of the Hackney Empire went bust and Aviva refused to pay out on a bond worth just over a million pounds. One of the theatre’s major benefactors was Lord Alan Sugar and the Hackney Empire had to turn to him again to help them get the renovation work finished.
Having such a large debt on the balance sheet had made it difficult for the company to secure the sponsorship that they relied on from any foundations or organisations that they might customarily have looked to for support. The Hackney Empire’s chief executive Claire Middleton said that the theatre, like many similar organisations were always in need of this vital financial support, but that even although the financial problems that the theater were suffering were not of their own making, investors and supporters were likely to be wary of getting involved. The David and Goliath battle between Aviva and The Hackney Empire delivered a resounding victory to the theatre that won every stage of the contest with The insurers, Aviva.
The lawyers for the theater acted on a no win no fee basis and were pleased to report that the Hackney Empire had been awarded the maximum possible amount of money. Aviva had also had their appeal for the case to be heard in the Supreme Court rejected, earlier this year.
Aviva News Update
Aviva’s argument centred on the fact that they thought they were not liable to pay because the bond had not been adhered to with The Hackney Empire having made extra payments to the renovating firm during the extent of the contract in an effort to keep the renovation work on track. However the latest appeal having been rejected by the High Court, Aviva said it would be letting the matter rest there and would make no further appeals.
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