In this particular case, we were appointed as a Trustee in a sequestration case.
This was following the presentation of a petition to the court by a creditor who was owed over £8,000.
On appointment, our team ascertained that the debtor solely owned a property and we were able to identify this as an asset for the sequestration which could be realised for the benefit of the creditors.
Discussions were had with the debtor regarding the property and it was mutually agreed that the property would be placed on the open market. The property was successfully sold. We helped the debtor to find temporary accommodation through the council and the proceeds from the sale of the property were enough to settle her debts in full and she received a substantial reversion of funds which allowed her a fresh start in a new home.
The petitioning creditor received repayment of their legal fees for petitioning the court as well as full repayment of their claim plus statutory interest.
At Middlebrooks we provide bespoke services to creditors which can range from approaching the debtor, establishing their financial position, evaluating & selling assets and ultimately proposing a course of action that will ensure the best result for everyone”.