Client presents with the following scenario:

• Client had a loan with a bank for $2.8 million secured by two properties. Each property was valued at approximately $1 million.
• Bank had a charge over Client’s current company.
• A Personal Guarantee was in place for the sum of $5 million for a separate company in 2004. After providing the guarantee, Client resigned from the company and the company was subsequently deregistered by ASIC.
• Bank is claiming approximately $7.5 million under the loan and the Guarantee.

Client’s objectives were:

• Avoid Receivership.
• Obtain release of the Personal Guarantee.
• Obtain a time extension to sell the properties privately, therefore avoid mortgagee sales and achieve the best possible price.
• Regain control of the current company.

DJ Partners achieves results for clients:

Following discussion with the Bank DJ Partners confirmed:

• Compromised Bank Loan to accept $2 million.
• Granted time extension of 3 months to sell the second property. Sale was achieved during this time.
• The Bank finalised an agreement to accept $450,000 over a 3 year period, interest free, in compromise of the remaining $5 million debt claimed under the guarantee.
• Receivers were retired and control of the current company was returned to the Client.