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Client Solutions

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‘Unbelievable Debt Solutions’

£3.2 million in Debt Written Off

PKF-FPM were engaged by a prestigious, Northern Irish family property business, who had realised exponential growth through specialist-turnkey contracts but found themselves crippled by pre-recession property debt.

The Challenge

A decade post-recession the client could no longer ride the negative equity wave and found themselves found themselves crippled by:

  • Personal Debt of £12.3million;
  • Company Debt of £2.5million;
  • Negative Equity of £3.2million
  • Multiple lenders unwilling to re-negotiate rates:123 imminent property repossessions;
  • Threatened drawn-out court proceedings, extortionate fees and a ruined reputation.

After exhausting all avenues with other advisors, the client approached PKF-FPM to outline their options, believing Bankruptcy was the only solution.

The Outcome

PKF-FPM, different from other accountants and advisors, ignored the easy Insolvency route and delivered the best solution for the client’s needs. Devising an ethical, regulated and creative turnaround programme via a formal insolvency procedure in interests of both client and lenders, the client avoided bankruptcy and PKF-FPM maximised benefits to all parties, including:

  • Write down of £3.2 million (against £4.5m debt);
  • Retention of properties under existing terms and rates at market value;
  • Ready solutions for the lenders, avoiding the need to take re-enforcement action;
  • Retention of trading business by the family;
  • Fair and equitable return to lenders.

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PKF-FPM Accountants Limited and PKF-FPM Accountants (Ireland) Limited are part of the PKF-FPM Group, branded PKF-FPM which is regulated by Chartered Accountants Ireland. PKF-FPM is a member firm of PKF International Limited.

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