Property Associated Debt
-A farming Client of ours contacted for advice regarding a property associated debt he had with a primary, local lender.
-Our Client had no interest in the properties, which had been untenanted for quite some time, were costing him money and thus he was happy to work through a consensual sale process
-He had attempted this directly for some time, with no success, and Fixed Charge Receivers had been appointed by the Bank
-After the eventual sale of the property, the shortfall he was left personally exposed for was c£730,000
-The Bank had chased him most determinedly, had appointed reputable Solicitors and, at the time of appointment, he was already in receipt of a Bankruptcy petition
-Resultantly, this was viewed as a most urgent case and the time frames for negotiation were significantly limited taking into account the looming petition
-We came on record with the instructed Solicitor & lender forthwith and initiated in-depth meetings followed with detailed, written proposals
-Within a short period, we had agreed a full & final settlement of £30,000.00 and the Bankruptcy petition was withdrawn entirely
–Our Client continues to trade without the burden of such financial pressure & having experienced significant savings
