P resigned from a company of which he was a director in 2019. The company continued under the remaining director and shareholder until it went into liquidation in 2020. P and his former co-director had given a joint and several personal guarantee to the company’s Invoice Discounters who subsequently sought repayment from both guarantors after being unable to recover the company’s assigned book debts, mainly due the insolvency of its principal customer. P’s former co-director then entered into a personal insolvency process leaving P as the only personal guarantor from whom the Invoice Discounters could seek payment.
We were able to negotiate a full and final settlement with the Invoice Discounters whereby they agreed to accept less than 50% of his personal liability.