A Property Group that consisted of 9 development sites of mixed use located in the South East. The company structure was situated in the UK, BVI, Isle of Man, Malta and Switzerland.
With a development value of £1 Billion, it had suffered heavy losses in the property climate and with the Banking Industry unsure of what action to take it was left in a position where it was unable to continue with the impending position of Insolvency.
Advice had been sought from an insolvency practioners along with their accountant and their solicitor it was recommended that it was placed into administration.
This created a personal issue for the Director and sole shareholder.
Merranti was employed to provide the Director with alternatives and consider any possibility of negotiation with the banks to assist in delivering a solution and create revenue where none was considered before.
From a potential insolvent position we were able to turn the business around and provide the Directors with solutions which resulted in no loss of their development sites, a significant increase in revenue from areas never previously considered and ability to continue trading with a reputation allowing further sites to be purchased.
A successful outcome from our Corporate Recovery department.