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A client with a personal guarantee of £6.5million in the UK came to us with the threat of Bankruptcy looming.
The Client had lived with this debt since the 2008 crash and saw no way out. He hadn’t heard from his Bank in several years and had hoped that the debt would one day go away.
After years with no word from the Bank, the Client received a Statutory Demand – the start of the process potentially leading to Bankruptcy.
If the Statutory Demand was left ignored it would result in a Creditors Petition for Bankruptcy.
Bell & Company were instructed to negotiate a settlement of this debt with strict time constraints imposed by the issuance of the Statutory Demand.
With the assistance of a third party, the Client raised funds and was able to settle this debt for £200,000.
This meant that the pressure himself and family felt from the debt was cleared.
Therefore Savings of £6,300,000 were achieved on the initial Bank demand for repayment.
For expert advice on Bankruptcy Call us now on +44 (0) 2895 217 373