Litigation concerning the loss of high value broadcast cameras and lenses failed to reach a satisfactory outcome so the Court instructed that a professional valuation be obtained.
The valuation was to be provided on the basis of a joint single expert – acting independently for both parties and reporting to the Court.
The date of valuation was as at the date of the loss 4-years prior to the date of the report.
As a result of the loss an inspection could not be performed and as one party was a broadcast professional communication between the parties had to be non-technical.
Issues arose in terms of ensuring the valuation reflected both the requirements of the Court and the RICS professional guidelines in adopting the correct basis of value and retrospectively obtaining sufficient asset information as at the date of valuation.
The valuation research and analysis required that any evidence reflected the market conditions at the date of valuation including asset demand and liquidity, historic specification and FX rates.
Upon presentation of our draft report and findings the parties agreed the valuation of the equipment and concluded the matter.