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Company Debt of £3,200,000 with Personal Guarantee of £2,000.000 and Personal Borrowings of £400,000 sold to ‘vulture fund’ all settled for £790,000
Our Clients’ company debt along with personal borrowings was sold to a ‘vulture fund’.
The Company had 40 employees and operated from a manufacturing facility held as part of security by the vulture fund.
The Company managed to successfully refinance via another financial institution and secure the assets.
A total of £790,000 was raised and accepted as the settlement.
This meant that the Personal Guarantee was settled along with the Company debt and personal borrowings.
All employees retained their jobs and the Company continued to trade.
Savings of £2,810,000 achieved therefore on the Fund/Bank demand for repayment and the business and 40 jobs saved.
For expert advice on Company Debt Call us now on +44 (0) 2895 217 373