In response to growing demand for advice on personal guarantee matters, we are pleased to announce the expansion of our personal guarantee mediation service.
“We recognise that entrepreneurs are often limited in their ability to move forward with new projects because of the burden of personal guarantees from past business ventures,” explains Stephen Wainwright. “Our straightforward, three-step process not only ringfences the problem of guarantee liabilities but often saves people a significant amount of money.”
With entry to the service just a phone call away, directors and entrepreneurs now have an affordable and streamlined route to financial recovery.
Personal Guarantee Case Study: Mr Jones
Mr Jones was the director of a company that had failed. The business bank account was overdrawn in the region of £48,000 at cessation and supported by Mr Jones’ personal guarantee for the full balance.
The bank issued formal notice to Mr Jones requesting full repayment under the guarantee which prompted Mr Jones to contact Poppleton & Appleby.
Using our in depth of knowledge of personal insolvency situations a rigorous review of Mr Jones’ financial position was undertaken which demonstrated that whilst, on the face of it, his asset base was sufficient to meet the guarantee, other factors unknown to the lender were used to mitigate their claim which resulted in a negotiated settlement of £25,000 – a significantly lower amount than the £48,000 demand originally issued by the bank.
(NB – Clients name changed for privacy)
This is just one of many cases we have been involved with and provides a brief insight to the service we have provided over the years. No matter what the circumstances we are presented with we will always identify the optimum strategy for settlement.