Jurisdiction(s):
United Kingdom

Litigation funding agreements: negotiating termination triggers, consequences and safeguards (MAE, insolvency, ATE cover, counsel changes, enforceability post-PACCAR)

Published by a LexisNexis Restructuring & Insolvency expert

Practice notes

Although every litigation funding agreement (LFA) and the papers that sit alongside it will differ by funder and by the nuances of the case supported, there are core points that must be dealt with throughout the stages of negotiation, at each phase and juncture.

This Practice Note forms part of a concise series by Tanya Lansky and Tets Ishikawa, Managing Directors of LionFish Group Ltd, intended to equip those closely negotiating or assessing LFAs and their companion documents with a clearer grasp of the dynamics at play in practice.

Termination clauses

Termination clauses are, by design, severe; that severity is inherent, as they represent an ultimate fallback that compels the funder to crystallise losses which instantly depress performance—whether measured at a fund level for those who manage funds, or on a P&L basis for principal investors. Consequently, a funder will not look to invoke a termination provision unless every other avenue has been thoroughly tried...

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Tets Ishikawa

LionFish Group Ltd

Tets started his career as a derivatives structurer and securitisation banker at ABN AMRO, Goldman Sachs and Morgan Stanley. He was subsequently a founding partner of Amias Berman, a fixed income agency brokerage, and has invested in, advised and ran a wide range of businesses across technology, aviation, commercial agriculture, sports and chemicals. He is currently a NED and Adviser to Brickflow, a real estate loan sourcing software company. Tets was first involved in litigation funding in 2011, raising capital for an impecunious client in a high value claim against a bank. He also advised an ATE insurer (latterly known as Acasta) on litigation funding, culminating in the founding of Sparkle Capital in 2014. Having helped found and establish the business, Tets was hired full-time in 2018 by Acasta to join its senior management team, with day to day...

Tanya Lansky

LionFish Group Ltd

Tanya has been working in the disputes financing and insurance industries for close to a decade. Having started her career at TheJudge Global, the then independent specialist broker of litigation insurance and funding, Tanya became immersed in this specialist market in its relative infancy. Beyond her role of negotiating and structuring insurance and financing agreements, Tanya also dedicated time to educating lawyers and counsel on the nuances of the industry. Following her time as specialist broker, Tanya joined boutique advisory firm Emissary Partners to leverage her relationships in the litigation funding market as well as her economic understanding of disputes as an asset. In 2022 she joined London-based litigation funder LionFish, and, given her extensive experience, became part of the firm’s management team in short order. ...

Web page updated on 21/05/2026

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