The Video Transcription:
This case involved a UK bank with debt in the UK and they had appointed an asset receiver over the property finance. The receiver sold the property and was at 2.1 million deficit after the sale of the property. UK bank got judgement in the UK court obtained a European enforcement order certificate. This European order was sanctioned in the high court in Ireland. The bank had appointed Irish solicitors to recover the debt. The solicitors had instructed the sheriff, were about to issue publication and to register judgement mortgage against the principle Irish properties.
The surgeon suggested the following solution. The debt was 2.1 million, settlement 7% which had a total amount of 140,700. This amounted to a write off of 1,959,300 and the condition put in by the surgeon was that it was payable within 30 days. The surgeon suggested this so there would be no doubt that the bank was going to get that money and it was not just trying to put it on the long finger. The bank were happy to accept this and the principles were happy to pay it having borrowed it from family and friends and save judgement mortgages be registered against their Irish properties.
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