Case History – NatWest v PY & VY

Background

NatWest had provided an overdraft facility of circa £25k for PY in his business. PY signed a personal guarantee. PY was unable to work for a lengthy period due to ill health.

NatWest called upon the guarantee and issued proceedings against PY. NatWest obtained a County Court Judgment against PY and subsequently a charging order against his business premises and a parcel of land adjoining the matrimonial home of PY & VY. NatWest commenced possession proceedings.

PY had been advised by a firm of local solicitors and a hearing date had been set for the hearing of the application to allow NatWest to take possession of PY and VY’s property assets.

Actions

ICL Commercial Law was instructed at the eleventh hour to assist PY & VY to defend the possession proceedings.

ICL Commercial Law entered into negotiations with NatWest.

Result

NatWest agreed a sensible repayment plan formalised in a written agreement.

PY continues to run his business without the threat of possession proceedings