In our recent blog entitled “What is it you want to do?” (https://www.pbcbusinessrecovery.co.uk/what-is-it-you-want-to-do/), we outlined how PBC ensure anybody receiving advice is presented with all the options available to them.
In a recent case, PBC were approached by two directors who were being pursued by the liquidator of their company in relation to loans due from associated companies of £1.4million. After taking time to understand the overall picture, we corresponded with the liquidator, making an informed offer of £300,000 payable over three years with no personal guarantees or other security being needed. This offer was accepted.
In another example, PBC acted for an individual who owned various properties, some of which had been sold, leaving a shortfall of over £200,000 owed to the mortgage company. The individual also owned further mortgaged properties with the same mortgagee and was he looking for a solution which avoided an insolvency outcome. Following negotiations with the solicitors acting for the mortgagee, a settlement below £100,000 was agreed.
In both cases, formal insolvency procedures were avoided which secured mutually suitable outcomes. The headwinds from the Courts are that mediation is a necessary process and indeed one which may become compulsory and as can be seen from the examples above, one which can provide successful resolution to matters.
If you require advice or assistance on any insolvency-related issue or with mediation, then please contact PBC Business Recovery & Insolvency to discuss and advise on your situation on 01604 212150 or email to enquiries@pbcbusinessrecovery.co.uk. Alternatively, visit www.pbcbusinessrecovery.co.uk for further information.