The Video Transcription:
Financial Surgeon was asked to consider and recommend a solution to the following problem. The owners with 2 ordinary tradesmen and 1 businessman. The loan was 2.5 million. The loan was given by an Irish bank. The bank had appointed a receiver and in the bad old days the property would sold for for 300,000. This left a deficit of 2,200,000 and the tradesmen were on ordinary industrial wages and the businessman was in financial trouble.
The solution recommended was that the businessman would obtain a loan of 50,000 from another institution on the basis of this business. That he would offer on behalf of all 3 clients a full and final settlement in the amount of 50,000 to the Irish banking financial institution. This meant 2.2 million deficit, 50,000 paid settlement just over 2 cents in the euro. The bank again had little prospects in the future of the businessman making substantial funds and therefore were happy to accept this financial settlement.
Download the “Top 10 Tips” PowerPoint Presentation below.