A pair of business partners parted ways and needed to settle on their commercial debt with a major banking institution in Northern Ireland. In this case, they were partied to litigation with an award due, which would have in excess covered the commercial debt settlement and given significant monies to both parties.
However, due to a breakdown in the relationship both parties failed to reach an agreement over the shares of the award.
In this ongoing disagreement, we acted as mediators between the two parties but more importantly, we were able to negotiate with the lending institution on behalf of the company. The commercial debt owed to the lender was included in a proposal for a loan sale which could have put our clients’ homes and other assets at risk.
With our negotiation skills, we entered into an agreement with the bank to exclude our client’s debt from the loan sale and with further mediation we successfully settled the disagreement of shares amicably.
Both parties maximised from the mediation and the bank was satisfied with the settlement which was the best possible resolution for all involved.