Debt Resolution – Reduced debt settlement for trading business without the need to re-bank

A trading business had bank debt totalling £1.185m secured on the business premises. The business was profitable but it was not generating sufficient profit to meet the monthly loan repayments. The bank had undertaken an independent business review and were seeking a sale of the business.

Following our detailed review we obtained an agreement from the existing bank to provide a new £700k facility for the business with the remaining balance being written off – a client saving of £485k or 40% of the original debt.