Archive for December, 2019

Personal Guarantee Exposure – Savings of £300k.

Building Industry Client with Personal Guarantee Exposure

Clients, operating within the Building Industry, instructed Bell & Company regarding their Personal Guarantee Exposure of £350,000

At the time of instruction, the health of our Clients’ and their partners had been materially affected with quite serious consequences and so the case was sensitive as a result

The subject Bank had been ruthless and their pursuit continual – The Clients feared that they would lose the assets they had remaining which had equity associated

It was imperative that this matter was concluded once and for all and quickly

We came on record immediately upon appointment and soon after concluded the matter with a settlement payment of £50,000

 

Awards Dispute & Loan Sale Prevention

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.

Dispute Resolution – Farming Client, Local Creditors

***SUMMARY: SAVINGS OF £110,000, FARM PROTECTED ENTIRELY

Vulture Fund Negotiations

Liability of £120,000 with secured asset worth £195,000 sold to ‘vulture fund’ settled for £38,000

A client’s liability with a major banking institution was sold to a ‘vulture fund’ with a secured asset attached worth £195,000.

The client could not bare the thought of losing his family home and tried to ignore the situation, however at this stage solicitors had been instructed by the vulture fund to take possession of the asset. Giving notice to the client, he seeked independent advice and this is where Bell & Company came in.

With our strong legal & financial backgrounds, our team of strategists were quick to act and thus halted immediate action from the solicitors.

With continued correspondence and negotiations with both the Bank and Solicitors, we successfully managed to stop any further legal action and propose a full and final settlement.

With our steadfastness approach to getting the best result for our client we were able to come to an agreement with the lender and settle the debt for £38,000 in a full and final settlement.

Not only this but the client was able to protect his home and exit the scenario with his liability cleared.

Total Savings of £82,000 achieved!

Property Investment Settlement – Avoiding Insolvency

Successful Settlement on Property Investment gone wrong,  avoiding Insolvency. 

This case involved an aggressive lender and a large property shortfall which the client could not repay. Understandably the client was extremely stressed when they approached Bell & Company as they faced the prospect of losing their home and job.

The client owned their own home took a mortgage to fund a holiday home in the Republic of Ireland. Due to the property market crash, the loan on the client’s property became more than double the value and unfortunately, over time the mortgage repayments stopped due to unaffordability on the client’s part accumulating large arrears.

A solicitor was appointed on behalf of the lender in a bid to recover the outstanding debt. The property was then forced into sale as the arrears could not be paid. After the sale of the property, our client’s shortfall was in excess of c£170,000.

Bankruptcy not an Option

Due to the nature of the client’s occupation, Bankruptcy was not an option, coupled with the fact that the client had limited funds to settle the debt in full it seemed like their life was hanging in the balance, with the possibility of losing everything until they approached the team at Bell & Company.

As a formal insolvency route would have a had a detrimental effect on our client’s livelihood, a pre-insolvency strategy was implemented to best suit the client’s situation.

Very quickly, our specialised debt strategists commenced negotiations with the lender and the lenders appointed legal team with a view to settling the outstanding debt for a minimal amount.

After a thorough financial review of the client’s situation, a case was presented to the creditor and an amicable agreement on repayment that yielded the best result for both parties was agreed.

We settled the outstanding shortfall of £170,000 for a mere 6%

The benefit to the client was immeasurable as they were able to continue to work and get on with their lives whilst settling a debt for a minimal amount to rid themselves of the stress and burden it was causing.

Bell and Company were able to agree this full and final settlement for the client due to the relentlessness of the team in negotiating, dedication to the client and skill in presenting the financial situation to the creditor.  We solely work for the benefit of the clients which is where our strength lies as pre-insolvency specialists – we can offer informal arrangements that insolvency practitioners cannot.  This was a great conclusion for our clients and of course, hardworking team and we are delighted that burden is now lifted from our client’s shoulders.

Personal Guarantee exposure, 97 jobs saved and savings of £560,000

In October 2017, Bell & Company assisted a multi-site Northern Ireland business with Personal Guarantee exposure.

We pride ourselves on our ability to think outside of the box. We can provide strategies and solutions that others wouldn’t consider. Contact us today if you would like to arrange a free, no-obligation consultation on 0330 159 5820.

SME Personal Guarantee Settled at 11%

After a clients business went into Insolvency this triggered a personal guarantee which risked them going Bankrupt.

Bell & Company successfully negotiated on the Personal Guarantee achieving savings of £44,500 on the initial Bank demand for repayment

Fill in your contact details for free advice:

By accepting you agree to Bell & Company contacting you to discuss debt solutions