Settlement of Debit Balances
Bank Institution filed actions against our client for breach of the terms of loan agreements and current account agreements. The breach occurred due to the inability of our client to repay the loan on the agreed installments and breach of the terms of the current account agreements, resulting in a debt balance of almost 2 million.
After many meetings and negotiations, we managed to reach a settlement agreement which provided for our client to:
- Transfer through the procedure of Debt to Asset Swap an immovable property for the price of 158.900 euros.
- Payment of the amount of 20.000 euros.
- A write off of 1.200.000 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.
