We were approached by the brother of a bank client who had sadly been diagnosed with a terminal illness and was in hospital. He owned a substantial investment property worth over £2m and had a bank mortgage of just under £1m. The mortgage payments were not being paid and the bank had not received any response to their letters. The bank was unaware of his illness and appointed receivers.
There was a concern that a distressed sale by a receiver would reduce the sale price of the property, resulting in substantially less equity being paid to the client’s children. Our role was to get the bank and the receivers to suspend any further action and then assist in the orderly sale of the property to repay the bank debt. This was achieved with the bank being repaid in full and the client’s children receiving substantially more than would otherwise have been the case – estimated client saving ₤375k.
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