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Good to hear from happy clients:

Date: 21 June 2013
"I have used Mr Selleys services for the past 18 months on several very difficult legal matters, especially with regards to personal guarantees. He has been a tremendous help to me and he has been an absolute pleasure to deal with and I could not recommend him highly enough.
After owning many well established businesses for the past 40 years, and therefore having had the need to use many different solicitors for different legal matters over the period. I can say the service and professionalism I have had from Mr Selley, and the advice he has given me during the period have been without question the best I have ever seen."

Michael Basso
Chairman of Pan World brands/I Love cosmetics Limited/Worldwide Golf Limited
Email Patrick for a legal opinion: patrick.selley@keystonelaw.co.uk

www.patrickselley.com

Banks Accused of Misconduct Against SMEs | Keystone Law

Banks Accused of Misconduct Against SMEs | Keystone Law

The government and the banks continue the war of words about lack of lending. In the meantime what do you do?

Patrick Selley is a specialist in claims involving Banks and Financial Institutions with particular emphasis on assisting individuals who have entered into Personal Guarantees.
Patrick’s philosophy is to bring to the aid of an individual the same legal expertise as is routinely available to Banks.
Practical advice is a core philosophy. Knowing how Banks operate and keep records is vital, as is knowing whether to settle claims or to fight all the way.
Patrick has worked in the City of London and Hong Kong as well as a large national practice. He now practises at Keystone Law - London.


http://www.keystonelaw.co.uk/other/keynotes/2013/08/banks-accused-of-misconduct-against-smes

email: patrick.selley@keystonelaw.co.uk

www.patrickselley.com

What do I do if my Bank calls in my loan or Personal Guarantee? Financial Times April 26 2013

By Patrick Selley for: @FT - Fri April 26, 2013

 

Two years ago I took out a business loan. My business has been repaying it since then, but I made underpayments for three months due to cash-flow difficulties. When I spoke to my bank about these, I was told that there was no problem and it even increased our overdraft limit. The bank has now said it is calling in the loan and using a personal guarantee that would place me in a lot of difficulty. 

Where do I stand?
 
This is sadly typical of cases I see where banks, having the security of a personal guarantee, act in a way that is contrary to the interests of the business, knowing that you, the owner, will ultimately pay. In these situations the wording of the facility documentation and guarantee is crucial.
In this case, the bank appears to have represented to you that it would waive the underpayments and even increased your overdraft facility.
Undoubtedly, the written loan agreement will have a "no waiver" clause. It could be argued, however, that the verbal waiver by the bank manager induced the company to extend its liabilities by an increased overdraft.
This arrangement could amount to a new agreement, one of the terms being that earlier underpayments would not be relied upon to call in the loans. As guarantor, you could argue that the bank has breached the agreement and that the granting of any waiver or further advances to the business discharges your guarantee in its entirety.
However, most bank guarantees are worded in the bank's favour. Cases such as this depend on the particular facts and early advice should be taken. Patrick Selley is a consultant solicitor at Keystone Law 

email: patrick.selley@keystonelaw.co.uk

www.patrickselley.com 


http://www.ft.com/cms/s/0/784df3d4-12e9-11e2-aa9c-00144feabdc0.html#axzz2XVVbwrUc