Revenue and Bank Debt Restructuring
1. Client had accumulated significant personal debt over a number of years. The debt was due to a number of institutions, the largest was over €7 million. The client had no legal protection from the debt and there was no capacity to repay the debt from his trading company.
2. Client has a Revenue debt in excess of €500,000 and the trade is deteriorating as it relates to the construction industry.
Actively negotiated the settlement of his outstanding debt:
- Consensual judgement and receivership to all specified security (value of €300,000).
- Negotiate a 10 year repayment arrangement with Revenue, commencing with monthly payments of €5,000 per month, subject to yearly review.
- Cash payment of €50,000 over 12 months.
- Right of Residency in family house for remainder of natural life with no rent payments.
- No publicity and no judgement.
- Minimum legal fees as no lengthy court battles.
- Reduced stress as negotiation handled in an amicable and no confrontation manner.
- Client is able to restructure working capital position of the company with other finance providers as a result of Revenue’s support. Company was able to return the trade to profit and discharge the debt.