CASE STUDY: Jeremy Berg of Spencer West successfully negotiates significant deal with major High Street bankPosted: 19 Jul 2022
Dispute Resolution partner, Jeremy Berg, recently dealt with a banking matter for an international client in which he had to negotiate with a major clearing bank in respect of our client’s share of a sale of a mortgaged property, taking account of the bank’s demands and the effects of Brexit, Covid-19 and other intervening factors.
Complications arose due to the client being awarded a power to sell the property under a separate court order and not being the debtor or the mortgagee.
Jeremy was successful in negotiating a favourable settlement with the bank and expertly navigated the client through possession proceedings, appointment of receivers, and then with the help of fellow Spencer West partner Sivan Gelb, the sale process, ensuring the client’s financial results were maximised on a £15m sale.
The client was delighted, saying, "I would like to thank Jeremy for what he was able to achieve in negotiating with the Bank. The care he gave to my matter is something I will remember forever. Such empathy is rare in our days"
Speaking about the matter, Jeremy said, “What makes this job rewarding and worthwhile is being able to achieve a great outcome for clients. Every case has its own peculiar demands…this was no exception."
"On 9 March 2020, 2 weeks before the first lockdown, we met with the Bank who wanted the property sold by Summer 2020. Managing to extract concessions from the Bank during the Pandemic allowing us to find a suitable buyer over 2 years later, with the Bank agreeing to limit its return on the property on which it held a charge enabling my client to achieve a worthwhile share of the proceeds, is one of the proudest achievements of my career.”
He went on to say, “I’d also like to thank Sivan Gelb for his valuable assistance in achieving the successful completion of the property transaction.”
Simeon Spencer, co-founder of Spencer West commented "This is a fantastic example of our firm's adaptable model in play. Our partners are all highly collaborative and relationship-driven, with strong commercial acumen and enthusiasm for supporting one another. It is great to see yet another successful outcome that showcases how innovative our Partners are, alongside how supportive the community we have built is."
Article written by:
Sivan Gelb is a Partner Solicitor at Spencer West. He specialises inCommercial Real Estate, Residential Real Estate, landlord and tenant work, property finance, investment property and residential leasehold enfranchisement..
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