Savings of £700,000 & Settlement at 4.1%

By on January 1st, 2017

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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-Within a short period, we had agreed a full & final settlement of £30,000.00 and the Bankruptcy petition was withdrawn entirely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

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