Personal & Cross Company Guarantees

By on February 17th, 2016

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Savings of £1,500,000.00 & Settlement at 4.2% of Borrowings

-A local family, working in the construction industry, attended our offices, utterly distraught at the level of debt at which they were exposed by way of both Personal & Cross Company Guarantees

-Their original borrowings had been obtained via their Limited Company however same Company had been liquidated and there had been insufficient assets to cover the liabilities

-As a result, our Clients’ Personal Guarantees were called in as well as the Cross Company Guarantees for the Company they were currently dependent on for trading

-They were personally exposed to the amount of £1.2m

-Their homes, which had equity therein, were at risk and the lender had initiated aggressive  action seeking Judgment against our Clients

-The services of Bell & Company were promptly engaged and immediate contact was made with both the relevant lender and their instructed Solicitor

-Within a period of a mere several months, a full & final settlement agreement had been reached at £50,000

-This resulted then in savings of £1,150,000

-Our Clients’ homes were secure & they were free to carry on with their new business without any further pursuit

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