Client Receives Cash Settlement After Natural Disaster and Personal Injury
Client presents with the following scenario:
- Multi-Generational farming client owned three large agricultural properties in Queensland.
- A personal injury to a family member in addition to severe natural disasters completely restricted access to the properties as well as effectively terminating all income for over three years.
- As a result of systemic natural disasters, the value of the properties declined byapproximately 75%, leaving the client with no ability to repay any portion of the monthly bank interest charge of $250,000.
- Farm Debt Mediation had failed to achieve any satisfactory outcome
Client’s objectives were:
- Client understood and accepted that it was no longer viable or sustainable to maintain their current business and lifestyle.
- Client was opposed to a Judgment or Bankruptcy being placed upon them given the dire circumstances outside of their control.
- Client wanted the ability to re-establish their family on a much smaller property and to continue an agricultural lifestyle on a smaller scale.
DJ Partners achieves results for clients:
Following discussion with the Bank DJ Partners confirmed:
- Ensured that no Receiver was appointed or judgments were recorded against the client.
- Secured agreement from the bank that the forced repossession of the properties and eviction of the client would result in no financial or non-financial benefit to any party.
- Client was able to retain some plant and equipment to the value of $100,000 to ensure they could re-establish their operations on a different scale.
- A cash-settlement was provided to the client to vacate the land and voluntarily provide possession to the bank.