Axa Sun Life Services plc is suing Mortgage & Investment Facility and its directors Ann Starkie, and Graham Starkie, for more than £400,000, allegedly owed under various agreements.
Axa, acting as the agent of various companies offering financial products, endowment policies and pensions, claims that the mortgage company and the Starkies, entered into various agreements with it in 1995 and 1998.
Axa claims that a major part of the mortgage company’s business was concerned with providing members of UK police federations with endowment mortgages. Axa and its product companies advanced money to the mortgage company against commissions earned, or about to be earned, by selling investment contracts.
However, Axa alleges that in early 2000, both Mortgage & Investment and the Starkies acted in breach of the agreements, by approaching its rival, Allied Dunbar, with a view to selling Allied Dunbar’s products to members of the police federation.
Axa is now suing for £353,741.69 on the drawn-down account; £283,913.47 for development loans; and £9,635.14 for commission debt that it claims it is owed, plus interest.
PLS News 13/3/01
