The Video Transcription:
The financial surgeon was asked to consider the following case. The debt was 370,000 pounds, the institution was a north European financial institution. They had obtained judgement in the Irish Courts and they had registered a judgement mortgage on 8 properties. There was equity in the family home and minor equity on two other properties. The problem was whether we could leave the judgement mortgage on the 8 properties. However, the financial institution would be repaid on the sale or death in respect of any property with equity.
Therefore, the financial surgeon suggested the following solution that the clients would borrow from family and friends and offer a full and final settlement in the amount of 42,000 pounds. This equated to 12 cents in the pound. The financial institution was happy to accept that given the circumstances of the case and the clients were also happy to meet this requirement. On the payment of this settlement sum, the judgement mortgages were satisfied in respect of all 8 properties.
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