Informal Arrangements

While bankruptcy is often the best solution when no form of arrangement is suitable and an IVA is appropriate if there is a spread of creditors, there will be times when an informal arrangement is the best and most appropriate solution. This is often the case where there are one or two large creditors (usually banks) who see a mutual benefit to working with you to maximize their returns.

No financial institution in Northern Ireland will agree to “debt forgiveness” but many are willing to enter into sensible commercial arrangements where the benefits are clear for both lender and borrower. This can involve a form of self-receivership or assisting the lender with correcting flawed security. From the Borrower’s perspective the objective is to obtain certainty as to where you will stand at the end of the process.

The key to success in these negotiations is often bridging the gap of suspicion that has grown up between the Bank and the Borrower. For years the banking solicitors in MKB Law have had experience dealing with bankers and understand their concerns and objectives when entering into these discussions. This gives us the ability to articulate the issues clearly and accurately and to give proper and sensible advice on what should be reasonable in any set of circumstances.

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