Quarterly report pursuant to Section 13 or 15(d)

Contingencies

v3.8.0.1
Contingencies
3 Months Ended
Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]  
Contingencies

NOTE 17 – CONTINGENCIES

 

On April 7, 2017, Conister Bank Limited filed a complaint in the High Court of Justice Chancery Division, as claim no. HC-2017-001045 against our subsidiary, Virtual Lease Services Limited (“VLS”). The complaint alleges that VLS was in willful default of their agreements with Conister Bank Limited by failing to fulfill its obligations under the agreements with Conister. The complaint alleges damages in excess of £200,000 (approximately $266,667). VLS has responded to the complaint and its expenses are currently covered by available insurance. VLS denies all claims and intends to vigorously defend the action.