A friend is in the terrible situation where their business got crunched during the GFC. They got behind in everything, re-jigged the business and were growing strongly and climbing back out of the hole.
They obviously were behind on their commercial mortgage and catching up week by week with what they believed was an arrangement with their bank. Unfortunately the bank decided it wasn't quick enough and dispatched receivers and managers.
The friend has heard on the grapevine that the property and business have been sold well below what would be expected, leaving a shortfall of over $1 million. They had been in the process of raising alternate finance.
The worst part is that their parents had provided 3rd party security which will now certainly be chewed up by the bank.
They have their own legal advisor, but there tends to be some knowledge floating around here. My question is what can be done - if anything - to attempt to save the other properties?
They obviously were behind on their commercial mortgage and catching up week by week with what they believed was an arrangement with their bank. Unfortunately the bank decided it wasn't quick enough and dispatched receivers and managers.
The friend has heard on the grapevine that the property and business have been sold well below what would be expected, leaving a shortfall of over $1 million. They had been in the process of raising alternate finance.
The worst part is that their parents had provided 3rd party security which will now certainly be chewed up by the bank.
They have their own legal advisor, but there tends to be some knowledge floating around here. My question is what can be done - if anything - to attempt to save the other properties?
