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Robert North, Director and Matthew Wyard, Barrister, of the Sinclairslaw litigation department recently successfully represented a client defending bankruptcy proceedings brought by a large, well known pay day loans company.
Having taken a large loan out over a year ago that the Firm’s clients had been unable to pay back, proceedings were issued against them by the lender. Following various offers of settlement that were rejected and various attempts made to avoid court action, the lender pursued our client seeking personal bankruptcy.
At the hearing it was argued that the court should exercise its discretion pursuant to section 271(3) of the Insolvency Act 1986 to find that the lender had unreasonably refused to accept a reasonable offer to pay back the loan. The court accepted this submission on behalf of our client and dismissed the lender’s application for bankruptcy.
If you need advice or assistance with matters of personal or commercial debt or solvency then please contact Robert North, Director, on firstname.lastname@example.org or 02920 388 398.