Staveley is in a multimillion-pound court dispute with Greek shipping mogul Victor Restis.
Amanda Staveley, co-owner of Newcastle United, will ask the High Court on Wednesday to prevent a millionaire from bankrupting her.
As reported by the Daily Telegraph last summer, Staveley is embroiled in a multi-million pound legal dispute with Greek shipping billionaire Victor Restis over charges she failed to return a loan of more than £35 million stretching back more than a decade.
Staveley’s lawyers filed to the High Court in June to have Restis’ statutory demand “set aside” – a step that would prevent him from presenting her with a bankruptcy order if the amount is not paid within 21 days.
A hearing is scheduled for 11.30 a.m. at the Insolvencies and Companies Court in London before Judge Daniel, with the case name Amanda Louise Staveley.
Restis also filed a winding-up action against PCP Capital Partners LLP, a dormant firm having Staveley on its board of directors. PCP Capital Partners LLP, which has not traded in five years, changed its name to Apollo Belvedere Services LLP on June 23, according to Companies House papers.
The Greek billionaire had previously been set up as a witness for Staveley in a £1.5 billion court battle with Barclays over her role in the bank’s emergency bailout during the financial crisis, but her attorneys later stated that his testimony was no longer needed.
Staveley failed to collect damages in the Barclays case in a three-year-old verdict while assisting Saudi Arabia’s sovereign wealth fund in acquiring Newcastle.
Restis was also a director of Manchester City, serving during the club’s ownership by former Thai Prime Minister Thaksin Shinawatra and its takeover by Sheikh Mansour in 2008.
Restis is one of the most prominent and powerful shipping figures globally, according to the Restis Group, and he has been designated one of the ”100 most influential individuals in shipping” by industry bible Lloyd’s List. His other commercial interests include banking and finance, media, hospitality, and telecommunications.
A statutory demand is a formal notice requiring payment of a debt within 21 days. If the debt is not paid or set aside by the judges within that time frame, nonpayment can be used to petition the court for a bankruptcy order.
Forsters, the Mayfair law firm representing Staveley, is said to have informed the Yorkshire-born businessman that a bankruptcy order could not be enforced while the debt is disputed. However, representatives for Restis disagreed.
His spokesman stated: “Mr Restis has instructed Francis Wilks & Jones solicitors to recover an outstanding balance on a loan dating from 2008 from Amanda Staveley, and any application by her legal representatives to set aside our client’s statutory demand totalling £36,841,287 (plus continuing daily interest) will be vigorously oppossed”
A representative for Staveley declined to comment on the disagreement last year, after it was reported that her argument is the debt connected to Restis’ £10 million equity investment in 2008, of which £7 million was repaid, leaving £3 million.
Newcastle’s most recent accounts, released last month, indicated that the club loaned Staveley £659,000 for legal bills in August and also allowed her to borrow £600,000 in November 2022.
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