Directors’ family home savedFebruary 1, 2015
We were approached for personal insolvency advice by the directors of a Company which had gone into Liquidation. Not only had they lost their investment in and income from the business but they had signed significant personal guarantees for the business debt.
At the time of seeking our advice their family home was up for sale, an acceptable offer had been received and they were just about to sell. They did not want to sell but believed they had no other option.
After a detailed review of their circumstances we advised Protected Trust Deeds were the best option for each of them. The creditors accepted the Trust Deeds and the family home did not have to be sold after all.