Posts Tagged ‘Business borrowings’
A Guide to Director’s Personal Guarantees
A Guide to Director’s Personal Guarantees What is a personal guarantee? Why would I need one? At the height of the business boom, banks were often very happy to provide loans to companies. They often required the directors of these businesses to sign an agreement, stating that in case of the company being unable to…
Read MoreAggressive Creditors & Liabilities: Rethink & Refinance
Aggressive Creditors & Liabilities: Rethink & Refinance Under the provisions of the Insolvency Act 1986, a company and its Directors need to be careful when continuing to trade knowing the company is insolvent. In basic terms, once realising a company is insolvent, Directors are deemed to be personally liable for increasing debts from the point that…
Read MoreSavings of £700,000 & Settlement at 4.1%
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…
Read MoreProperty secured & savings achieved of £380,000
Property secured through third party who worked with our client -Property secured for clients of ours, working in the Hospitality Industry, approached our offices, noticeably distressed at the pressure they were experiencing regarding their debt situation -They owed c£700,000 to a primary, local lending institution and security was held over their business premises and several other investment properties of great importance to…
Read MoreBusiness borrowings in personal name
Debt settlement -A retail Client of ours had a debt settlement who was involved in an acrimonious breakdown with a local Bank regarding money he owed to them for which he was personally exposed. -There was a shortfall of c£400,000 owed on his own home, further to a consensual sale negotiation involving an agreed third party and…
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