In a sure sign of the economic times, the Guernsey banking & finance team has seen an increase in security enforcement related instructions and queries. Predominantly our clients want to know what pre-enforcement steps they should be taking or considering in relation to their Guernsey law security package.
In the linked advisory note we have detailed the keys steps and considerations for a secured party prior to taking formal enforcement action under the Security Interests (Guernsey) Law 1993. These steps are often used to encourage a security provider to discuss a consensual restructuring or a negotiated settlement.
If a consensual process is not an option, the second half of the advisory note looks at the formal enforcement process, the risks related with it and certain practical considerations for secured parties.
The Walkers banking & finance team work hand in hand with our insolvency & dispute resolution team to offer practical and commercial advice for secured parties navigating every step of the enforcement process.
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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.