HomeCase studiesBanks & financial institutionsDebt recoveryRecovering monies owed to an asset finance provider through a possession order

Why the client needed our help

Our client, a company that provides asset finance and asset refinance to businesses, needed help dealing with a business which had defaulted on its repayments. The business had secured finance from our client by way of a personal guarantee from its directors, along with legal charges over residential property. Our client now wanted to enforce its 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 and the personal guarantors.

Their failure to pay meant that mortgage possession proceedings were commenced.

Throughout the process, we had to ensure that all court deadlines were met and adhered to and that the new procedure in place for COVID-19 possession claims were followed. We engaged counsel to represent our client at the various hearings, both in person and virtual hearings.

The outcome

A possession order and monetary judgment was obtained.

The debtor then sought to set aside the possession order (which we defeated) and then subsequently sought to vary the possession order (which, again, we defeated).

LPA receivers were appointed and the property was sold in order for the client to recover the monies owed to them. The client made a substantial recovery in relation to the monies they were owed.

Key contacts

Mike Lockton

Mike Lockton

Partner

Mark Ovenell

Mark Ovenell

Senior Associate

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