Settlement of Debit Balances with an agreement to Retain the Residence House
Bank Institution filed actions against our client for breach of the terms of loan and current account agreements. The breach occurred due to the inability of our client to repay the loan on the agreed instalments and breach of the terms of the current account agreement, resulting in a debt balance of more than 2 million.
After many meetings and negotiations, we managed to reach a settlement agreement which provided:
- Transfer of immovable property through the Debt to Asset Swap procedure to the Bank, for the price of 457.000 euros.
- Agreement to retain residence of the house until death of the parents.
- A write off of 1.373.000 euros.
Disclaimer
Disclaimer
The content of this article cannot be considered as a legal advice. For any further information or advice on the particular matter, we strongly recommend that you contact us to be guided accordingly.
