{"id":81108,"date":"2017-12-31T14:28:09","date_gmt":"2017-12-31T14:28:09","guid":{"rendered":"https:\/\/mcgleenan.com\/?p=81108"},"modified":"2023-10-23T17:18:37","modified_gmt":"2023-10-23T17:18:37","slug":"life-changing-debt-right-sizing","status":"publish","type":"post","link":"https:\/\/mcgleenan.com\/life-changing-debt-right-sizing\/","title":{"rendered":"Life Changing Debt Right Sizing"},"content":{"rendered":"<p><strong>Life Changing Debt Right Sizing &amp; Related Business Reorganisation<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>A Midlands based couple engaged in the motor &amp; haulage sectors took on \u20ac650k of property development debt in 2007, only to find the presumed market conditions changed permanently against them shortly thereafter.<\/p>\n<p>&nbsp;<\/p>\n<p>In a separate development in 2009, the majority Director\/Shareholder\u2019s fellow brother minority Director\/Shareholder was involved in a near fatal haulage accident. In their keenness to obtain long-term PRSI related illness benefit for the injured brother, the Directors unintentionally caused the Co\u2019s PRSI liability to be altered (after all appeal procedures had been exhausted) with additional A Class PRSI contributions becoming liable, for the full ten year period of the Minority Shareholder\/ Director\u2019s employment, such liabilities having no collection cut-off period being technically social insurance rather that taxation in nature.<\/p>\n<p>&nbsp;<\/p>\n<p>In addressing the financial stress of the Majority Shareholder\/Director\u2019s family situation which by 2012 had become unsustainable, McGleenan &amp; Co set about the following programme of debt advisory work to address their plight:<\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li>Under the Data Protection disclosure regime, the lender\u2019s records revealed material flaws in the drafting of their loan agreement terms &amp; security arrangements.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li>Insolvency Practitioners were appointed to:<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li><strong>A<\/strong>) Formally represent our proposal to settle the debt in full for \u20ac150k raised on one correctly secured asset, while leaving out a flawed secured commercial rental property for the benefit of the borrowers and<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li><strong>B<\/strong>) Winding-up the haulage Co after identifying a firm to manage the regulatory burden by the experienced Majority Shareholder\/Director, while formally addressing the legacy PRSI liability that the family\u2019s haulage Co could no longer sustain.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li>The Majority Shareholder\/Director\u2019s family finances &amp; mental health were finally put back on a sound footing in late 2014, with income coming from the new working partner arrangements &amp; rental income from the commercial property that the bank waived its interest in, as part of a binding comprehensive debt settlement agreement.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Life Changing Debt Right Sizing &amp; Related Business Reorganisation &nbsp; A Midlands based couple engaged in the motor &amp; haulage [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":81195,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[150],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Life Changing Debt Right Sizing - McGleenan &amp; Co<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mcgleenan.com\/life-changing-debt-right-sizing\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Life Changing Debt Right Sizing - McGleenan &amp; 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