Personal Guarantee Recovery from Licensed Operator
Moorfields' Personal Guarantee (PG) team were instructed by a UK financial institution to recover £310,000 from a director who had personally guaranteed a shortfall following the sale of his public house.
In order to avoid the costs associated with bankruptcy and dilution from other creditor claims, Moorfields, sought to recover the debt prior to insolvency proceedings. By undertaking a forensic review of the director's personal wealth, we identified a large property in Kent with substantial equity.
Following a number of strategic discussions with the guarantor, in order to avoid bankruptcy, the guarantor agreed to provide a legal charge over his property in order to secure the indebtedness.
The guarantor has now received an acceptable offer for the property which will enable the debt to be discharged in full, plus interest.