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A client with a small business personal guarantee of £50,000 came to us when the Bank initiated Legal proceedings issuing a Summons.
The client’s business had suffered because of a large bad debt and that customer’s Bankruptcy would have started a domino effect as our Client could not satisfy the PG in full.
The Client was hopeful that he could operate in the future as a sole trader – if he could address this PG and didn’t want to have the issue of bad credit rating if a Judgment was registered against him.
We initiated contact with the Bank and managed to successfully put proceedings on hold whilst we started negotiations.
Bell & Company successfully negotiated on the Personal Guarantee achieving Savings of £44,500 on the initial Bank demand for repayment.
For expert advice on personal guarantee Call us today on +44 (0) 2895 217 373