Money raised for negotiations via litigation

By on August 17th, 2016


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Debt settlement – Homes and Farms protected

A Farming Client of ours approached us in relation to significant pressure they were facing regarding a debt of c£2.5m owing to one of the most aggressive, local based lenders existing
-The money that had been lent was somewhat on a bridging basis on the back of the imminent & expected sale of a separate property
-This sale would have re-paid the loans to the Bank in full & allowed our Client to profit greatly
-Due to the fall in the property market however, the proposed purchaser withdrew their offer entirely and it appeared that the contracts were not strong enough to compel completion
-Our Clients could not obtain finance at the level owing to the Bank due to a drop in milk price & were left entirely incapable of addressing the monies borrowed

-The Bank had security over 2 family farms, the value of which outweighed the liabilities, and the subject Bank had threatened Receivership
-Our Clients saw nowhere to go and were distraught that they and their family were to lose everything
-After an in-depth and diligent review of their case, aswell as all papers associated with our Clients’ situation both current and historical, we identified a potential negligence case regarding the previous, expected property sale
-We referred and worked consistently alongside a outstanding, local Legal Firm through intense litigation
-The result for our Client was favourable and we raised the necessary funds to satisfy the Bank and protect all that was important
-During the on-going litigation, we frequently communicated with and met with the relevant Banking institution to prevent enforcement action which had been threatened many times
At the point of conclusion, we also managed to negotiate with the Bank and achieve savings of c£500,000 for our Client

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