We were acting on behalf of one of two partners in an investment property business. Both partners had their own separate businesses, which also used the same bank. The second partner got into financial difficulties and the bank repossessed the security he had provided for his own business facilities. However, because of the joint investment property debt, our client was also affected as the bank then pursued him for the entire partnership debt. They appointed LPA Receivers over all of the assets he had placed as security, which included his separate business.
After our review highlighted several irregularities, we were able to prevent the sale of our client’s assets. Following this we secured a reduced payment as final settlement – a client saving of ₤30k, or 20% of the original debt.
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