We are working with a very wealthy individual who loaned £2.25 million to a film production company but has not had the money or interest paid back.
The money was loaned to the production company to help fund the production of high-profile films starring Hollywood actors including Samuel L Jackson.
Under the terms of the loan agreements, the money, plus interest and other payments, were due to be paid back to our client.
However, the production company has not repaid these sums. This is due to a delay in production which has meant that the films were not completed by the dates that they originally planned. COVID-19 delayed things further, as the work needed to prepare the films for release was interrupted.
We are giving advice to our client on strategies to get the outstanding money back. Possible solutions include considering formal insolvency proceedings (selling off or restructuring the company to pay back the debt), and/or negotiating new repayment terms.
