We were recently engaged by a couple who are in the process of separating.  One of which is a Bankrupt.  Mortgage on the family home was significantly in arrears, the Writ and Statement of Claim issued, an Order for Possession has been granted, a Sherriff’s Notice of Eviction has been Served, and the eviction was to occur in 3 weeks.

Good equity was quarantined within the home. In this instance, in view of the continual dismissal of the significance of the matter, and somewhat confused with the bankruptcy status of one of the defendants, this couple (Defendants) delayed seeking our engagement for far too long, making it very difficult to work within the required timeframes.

Upon reviewing the wants and needs, correctly assessing the sales potential of the home, and having identified and agreed the preferred option(s), Sterling Debt Advisory immediately engaged with the banks legal counsel and Trustee, to agree an in-principal arrangement for the preferred outcome for ALL parties. A vital component was having the right local Real Estate Agent working as part of the team.

Pulling the parties together
Through our extensive estate network, we were able to identify a highly recommended, and we would say, a brilliant local Agent.  The work that this Agent delivered was exceptional, providing accurate market knowledge, professionalism and being incredibly responsive to requests from Trustee/Lender.  This allowed the key parties to fully validate our Proposal.  In particular, the Agent was able to leverage her network to generate pre-sale interest in the property, substantially shortening the time on market and creating a competitive buyer interest in the property. The entire process, from initial consultation through to completion of a Contract of Sale, was completed in just under 3 weeks.

Clearly, this required substantial amount of work, many hours of consultation and negotiation between the parties. As a result, the family home was sold (as a Vendor Sale) for an outstanding result, the Sheriff withdrawn, the bank debt satisfied in full, and the Trustee happy.  Each of our clients were able to part on an amicable basis, and start a new chapter of their lives, with substantially more equity than would have otherwise been possible. Clearly however the co-operation of all parties was integral to delivering the preferred solution.

Our firms’ key ability, is in being able to see solutions that make good common sense for all, and then delivering on that solution(s).  We manage the process from beginning to end, to deliver the very best outcome. Only when all parties work on a collaborative basis, and the best possible team assembled, can the maximum result be achieved. We are always happy to spend 15-30 minutes to discuss your matter (P | 1300 732 040).