We helped an ultra-high net worth individual who loaned £2.5 million to a film production company, to assist with the production of films which included Hollywood actors.
Under the loan agreements, the sums, plus interest and other payments, were due to the client. The company had not repaid the sums as production delays meant the films had not been completed by the projected dates. This was compounded by Covid-19 and the interruption of works required to prepare the films for release.
We are now advising on strategies to recover the outstanding sums, including formal insolvency proceedings and/or negotiating new repayment terms.