Recoveries for lenders
Our Business Recoveries Team provides an invaluable service for a number of large commercial lenders, seeking recovery of sums owed against both principal debtors and providers of third party security.
Secondments to lenders are the ideal way to better understand the lender’s objectives and better understand the lender’s systems – that is why a majority of the team have been on a secondment.
We act for a number of large commercial lenders (including being on the panel for a significant High Street lender) and are engaged in a raft of litigation seeking recovery of sums owed from both the principal debtors and providers of third party security.
Four members of our team have undertaken secondments at client lenders, which gives us an invaluable insight into the motivation, mindset and strategy of lenders in the current regulatory framework. We use this experience to bring proceedings as well as negotiate and draft complex agreements for settlement.
If recovery is not possible without proceedings then our Business Recoveries Team can use its considerable experience to bring bankruptcy proceedings against individual guarantors and, if necessary, resist applications to set aside statutory demands. In circumstances where a guarantor has raised an arguable defence to bankruptcy proceedings the team regularly issues and prosecutes high court proceedings for recovery of the debt.
Working together with Wedlake Bell’s Property Litigation team, we offer considerable experience in bringing possession proceedings on behalf of both lenders and LPA Receivers and in respect of both residential and commercial property. Once judgment is obtained the team advises and takes action in relation to enforcement, using remedies under the Civil Procedure Rules or the Insolvency Act as appropriate.
- Considering strategy and asset position and advising on enforcement options;
- Negotiating and agreeing settlements;
- Issuing and prosecuting winding up proceedings against principal debtors;
- Assisting in appointment of LPA Receivers against property of principal debtors/guarantors;
- Issuing and prosecuting bankruptcy proceedings against guarantors;
- Issuing and prosecuting court proceedings against guarantors;
- Enforcing money judgments;
- Obtaining and enforcing possession orders against security providers;
- Systems in place for volume instructions.
- Negotiating satisfactory settlement of claims against guarantors for a High Street lender;
- Successfully obtaining summary judgment in a heavily contested and complex guarantee claim;
- Advising a lender on its enforcement options and then a detailed and holistic settlement involving a high profile guarantor;
- Obtaining judgment against a debtor followed by a bankruptcy petition. With the lender’s assistance, the debtor is now being pursued by the trustee in bankruptcy in relation to certain foreign owned assets to be recovered for the benefit of creditors;
- Advising a lender on the enforcement options in relation to a £125m facility in default and the subsequent appointment of LPA receivers.