Chinks in the Armour

Limited Companies don’t offer the protection they used to   During the course of a year some 500,000 new businesses are likely to launch in the UK and a large proportion of the budding entrepreneurs behind these businesses will be advised by their professional advisors to run their business through a limited company. These advisers will have in mind that about four of every ten new businesses die within 5 years and that “death” can take the form of an insolvency. The limited company structure has historically meant that in the event of failure at least the entrepreneur’s house and...

Cookie Policy

Information about our use of cookies The Tourmalet Consulting website uses cookies to distinguish you from other users of our website. This helps us to provide you with a good experience when you browse our website and also allows us to improve our site. By continuing to browse the site, you are agreeing to our use of cookies. A cookie is a small file of letters and numbers that we store on your browser or the hard drive of your computer if you agree. Cookies contain information that is transferred to your computer’s hard drive. We use the following cookies: Session...

News July 2018

Next month Tourmalet Consulting moves onto its fourteenth year of trading with plenty of activity to report. One clear theme that is emerging is the continued blurring of the line between personal and corporate liability. We are currently handing a large case where HMRC are seeking to impose personal liability on our director client and pointing to new retrospective legislation that they claim gives them power to do this. We disagree. Lenders to corporates are pushing harder and harder for ever wider personal guarantee commitments. We are currently challenging a whole range of personal guarantee claims – very few lenders...

News Update

News Update We continue to be very busy with a rich mix of instructions. Currently we are:- Working on a large corporate finance deal with an international element Advising on a while range of personal guarantee claims Working with a cutting edge social media firm Working on a third party costs claim Trying to resolve a dispute over a Cyprus property Working in a minority shareholder claim Advising on a failed film scheme   And on and on. Life is not dull. We offer unrivaled consultancy experience!

News Update

To give readers an idea of what we deal with (and therefore whether we can help) here is a snapshot of some of the work going through the office at the moment. Advising on a large historical bank claim against a client – the claim dates back to the property crash Resisting several personal guarantee claims Trying to resolve ownership issues in respect of overseas property (Cyprus) Dealing with fall out from two failed tax avoidance schemes Advising a very active building sub contractor on a number of contractual matters Dealing with attempts by HMRC to impose personal liability on...

Personal Guarantees

Autumn seems to be the season of personal guarantees. Here at Tourmalet we are working on over twenty personal guarantee claims – all on behalf of guarantors. Time and again we are finding that the claims there guarantors are facing are seriously flawed. Many finance houses are failing to follow elementary processes in obtaining guarantees. Good advice is essential. We are working on a range of other projects including some large property funding transactions and corporate deals. We have over twelve year experience of providing advice to a wide range of corporate and personal clients. Every single client we have...

Personal Guarantees

Personal Guarantees and how to challenge them…. What are they? Personal guarantees are quite simply a commitment by an individual to pay a lender a debt if the original borrower does not pay. They are commonly sought by banks lending to small companies with limited assets but are also used in a wide range of other business situations; for example by builders merchants who grant running accounts. Personal Guarantees do not have to be in any set form and it is not uncommon for people to give a guarantee without realising they have done so. What are the consequences? Trading...

April 2017

We continue to work on a wide variety of interesting projects. Tourmalet formed part of a team that saw a seven year court battle brought to a successful conclusion on the Court of Appeal in March 2017. We formulated a new approach to a complex legal dispute by developing the concept of equitable security – a valuable but often overlooked concept. We were able to convince the Court of the powerful priority rights of the beneficiary of the equitable charge. Charges and mortgages don’t always have to be in the form used by your local bank or building society! Sadly...

September 2016 Update

The Consultancy has enjoyed a busy Summer working on a wide variety of projects. On the property front we were successful in solving serious planning problems with a commercial development site in the North of England. The resolution of the planning issues has restored value to a site that was unsaleable. We have also completed our role in supervising the restoration of a badly flood damaged country house where we dealt with difficult discussions with insurers and loss adjusters. On the Corporate front we have advised a number of Companies and their directors who have found the tax savings schemes...

Contact Us

Contact Us If  you  have  a  business  issue  that  needs  resolving  call  Chris on +44 (0)7860 523 727 or complete the short form below with your enquiry: Your Name (required) Your Email (required) Subject Your Message Tourmalet Consulting founder Chris Jones has been accredited by the Financial Conduct Authority as an Approved person to perform a controlled function and his approval has been reflected on the Financial Services Register. Visit Us Come  and  meet  us by appointment at:   Tourmalet Consulting Round Foundry Media Centre Foundry Street Leeds LS11 5QP