News Update

We continue to deal with a varied mix of work as Autumn approaches. We have received a mandate from a long standing client to sell his well established business and have advised on pricing and structure. Direct contact is now being made with interested parties. On the funding side we have worked on structuring a funding and security package for a cutting edge tech business. Work on defending personal guarantees continues to grow as more and more lenders make use of them. Time after time we find clients have signed documents which they believed involved them in no personal liability...

News Update

2019 has seen a varied start to the year. Clients with personal guarantee problems continue to seek advice and we have been able to successfully challenge a number of guarantee claims. Many lenders outside the high street banks are placing huge reliance on personal guarantees to support large loans. Very often the manner in which the documents are completed calls them into question. On the corporate front Tourmalet worked on the successful multi million pound re-finance of a newly completed hotel in Manchester and is currently advising on a substantial corporate finance transaction. We were delighted to be part of...

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...