Sunday July 5, 2020

Company Matters

Dealing with debt from devalued property

29th May, 2010

{ "b" : "Question"}

I am a farmer, but I made a move into property development five years ago. I set up a company to buy development land, with a view to building 100 houses.

The company borrowed €10 million from a bank for the development, but the land is now valued at just €2 million and the bank has called in my guarantee. My farm is jointly owned with my wife and is valued at €1 million,...

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