We acted for an individual unsecured creditor who had loaned hundreds of thousands of pounds to a company from his personal private pension plan.
The loan had been made 5 years prior to the company’s liquidation and, at the time of liquidation, remained unpaid in full despite repeated demands for repayment. The loan represented the vast proportion of our client’s retirement savings. Having submitted a proof of debt himself and complied with repeated requests to provide evidence to substantiate his claim, the joint liquidators delayed in adjudicating on his claim for over 2 years. This was a solvent liquidation and there was a substantial surplus from property realisations to repay our client in full.
Following our instruction, we successfully negotiated a settlement with the liquidators for our client to be repaid his debt in full plus a substantial amount by way of interest.