“We have a delay and the Bank through the bailiff seized property, banned the right to drive a vehicle and restricted travel outside the country. Is there anything I can do about this situation, or is it already hopeless for me?”
Such a targeted request came from another Client in a situation of property seizure by the bank.
And, as always, PROLEX’s answer: in any situation, you can find a solution. This is exactly what our next case is about.
PROLEX professionals have studied the Client’s documents in detail, including:
- Loan agreement with appendices,
- Client’s credit history,
- Other facts related to the transaction with the Bank.
Given that the Debtor Client had illiquid property, and the Bank did not write off all receipts in the amount that it would like, we developed a strategy for negotiations with the Bank’s representatives.
We have taken the entire initiative in negotiations. During the meeting (which was attended by both the Bank and our Client), we were asked to compromise on both sides and issued an ultimatum:
- the Bank must remove all restrictions and allow the Client to continue operating (including removing restrictions from their accounts).
- the Client has developed a clear schedule for debt repayment, which is mandatory for execution (the schedule was developed by PROLEX based on the real financial capabilities of the Client).
It is proposed that the Bank coordinate the schedule on a quarterly basis.
Taking into account that the Bank was able to receive funds as soon as possible in a larger amount than it could have collected independently, and the Client was able to continue its activities, this procedure was approved by the Authorized Body of the Bank.
It should be noted that the PROLEX Law Firm acted to a certain extent as a guarantor of compliance with the Client’s obligations. A detailed financial analysis and calculation of debt repayment was carried out, which completely satisfied the representatives of the banking sector.
PROLEX – another victory for us!
