Why the client needed our help
Our client, a company that provides asset finance and asset refinance to businesses, needed help dealing with defaulted repayments.
They had provided finance to a number of businesses which had been secured by way of personal guarantee from the directors of the business, together with legal charges over residential property.
The businesses had defaulted on the repayments under the facility and the client wished to enforce their security by way of possession proceedings.
How we helped
Following a substantive review of the documents and advice to the client, we sent a detailed letter before claim to the directors of the business.
Their failure to pay meant that mortgage possession proceedings were commenced just prior to the national lockdown caused by Covid-19. Upon the lifting of the stay on possession proceedings, proceedings were reactivated and a possession order was subsequently obtained.
Throughout the process, we had to ensure that all court deadlines were met and adhered to and the new procedures in place for Covid-19 possession claims were followed.
The outcome
The possession order and monetary judgment that we were able to obtain for the client enabled them to enter into subsequent negotiations with the debtors and an appropriate settlement was reached, as the debtors faced losing their home if they did not pay.
The debtors had been largely ignoring previous correspondence until our instruction and the action taken by FWJ caused them to treat matters seriously.
