What you need to know
A legal group action has been formed by a number of businesses against Clydesdale Bank (including Yorkshire Bank) and the National Australia Bank.
The legal group action is centred on two types of business loans that Clydesdale Bank and Yorkshire Bank provided to businesses across the UK. The loans that qualify for the group action are:
- Tailored Business Loans (TBLs)
- Fixed Rate Business Loans
If your business has ever had one of these loans, then you would qualify to join the group action and there is a good chance that you could receive significant amounts of compensation in the event that the group action is successful.
The group action alleges that these loans were sold ‘fraudulently’ and ‘dishonestly’ to businesses.
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So far over 2,500 business have joined the group action. Even if you have claimed before against Clydesdale Bank or Yorkshire Bank, you can still join the group action.
You can even join if:
- You’ve previously had a complaint ‘time-barred’
- The complaint was previously rejected
- You have already accepted an offer of compensation
- Your company is in administration or has been dissolved. (If your business has been dissolved you will need to reinstate it in order to join. We can do this on your behalf).
It is worth noting that if it can be proved that your business went into administration as a consequence of the loan, you could be entitled to a consequential loss settlement.
The legal process has already been commenced and the first claim forms were issued in the High Court in London on 1st May 2019. The formal defences from the banks have now been received and reviewed in detail by the legal team. The lawyers (including a highly regarded QC) remain firmly of the opinion that the group action has a very good chance of succeeding against from the banks and therefore recovering losses suffered.
We know that these loans were sold widely across a number of sectors, including:
- farming and agriculture
- property development
- dentistry
- hospitality
- construction
It is important to note, however, that this is not an exclusive list and the group action could be relevant to any business that took out a loan with Clydesdale Bank or Yorkshire Bank between the years of 2000 to 2012.
Read our customer profiles to find out more about some of the businesses we’ve helped.
What do we need from you?
To get started you just need to fill out the form on the right and we’ll be in touch to discuss next steps.
Take a look at our FAQ page to find out more about the Clydesdale group action.