Breeze & Wyles now fully Video Conferencing enabled

Breeze and Wyles Video Conferencing

Breeze & Wyles is pleased to announce that following testing both internally and externally that it can now offer its clients Video Conferencing facilities. The benefit is to see your lawyer and to reduce overall cost of the provision of legal service in commercial and litigation matters. In addition, when necessary we can also deliver management meetings meaning that there is now no need to hire expensive meeting rooms to have a physical meeting.


A New Online Information Resource for Property Professionals

We recommend Today's Conveyancer as an essential tool for updated information in the property market. The portal can be found at

http://www.todaysconveyancer.co.uk/


Metro Bank launches with direct mortgage deals

Metro Bank is the first high street bank to launch for over 100 years and will offer mortgages, current accounts, savings accounts, credit cards and loans.

See article on Mortgage Strategy: -

http://www.mortgagestrategy.co.uk/lenders/metro-bank-launches-with-direct-mortgage-deals/1016012.article


Mourant: CVA versus Liquidation – What is Creditor unfair prejudice?

The Landlord applicant brought a challenge to a Company Voluntary Arrangement under section 6(1) of the Insolvency Act 1986 stating that the effect of the vote at a meeting to approve the CVA had unfairly prejudiced their interests as a creditor.

In general terms, their argument was that the Company Voluntary Arrangement presented them with a situation where they would take a reduction in their entitlement where other unsecured creditors would not have to do so. Indeed, it was likely that the other unsecured creditors would obtain 100p in the pound. In addition, the Landlord had a guarantee from another group company in respect of the terms of the lease. Consideration was focussed on the case of Prudential Assurance Co Ltd v PRG Powerhouse Ltd [2007] All ER (D) 21 (May) (Powerhouse), in which it had been held that a Company Voluntary Arrangement could be lawfully structured so as to deprive a landlord of the benefit of a third party guarantee of the liabilities of the tenant debtor company. As a result the CVA left the Landlord in a substantially worse position than on a liquidation of the tenant, where regardless of the amount that they might have expected to receive as a dividend in the liquidation, their rights against the Guarantor would remain.

As a result the application by the Landlords was successful. A number of points require consideration from the judgement

POINT A

Certain points concerning CVAs could be implied from Powerhouse. First, any CVA which left a creditor in a less advantageous position than before the CVA would be prejudicial to a creditor: the real issue was generally whether such prejudice was 'unfair'.

Second, there was no one test for judging unfairness and the question had to depend on all the circumstances of the case, including in particular the alternatives available and the practical consequences of a decision to confirm or reject the arrangement.

Third, when assessing the question of unfairness, a number of techniques could be used, including 'vertical' and 'horizontal' comparisons. A vertical comparison was one between the position that a creditor would occupy and the benefits it would enjoy in a hypothetical liquidation as compared with its position under a CVA. The importance of such a comparison was that it generally identified the irreducible minimum below which the return in the CVA could not go. A horizontal comparison was one between the position of the applicant and the position of other creditors or classes of creditors. The fact that a CVA involved differential treatment of creditors (but it would seem particularly in the same class) was a relevant factor which called for careful scrutiny, although it would not automatically render a CVA unfairly prejudicial

POINT B

How do you determine what is a fair compensation to the landlord for the loss of the right to enforce the terms of a lease against a guarantor. In the absence of a compelling justification the landlord should not be forced to accept a sum which was based on numerous assumptions (for example about the landlord's ability to re-let the premises) which might or might not prove to have been well-founded. To adopt such a procedure, in circumstances where the solvency of the guarantor was not in issue, was to undermine the basic commercial function of the guarantee, and to force the landlord to accept a commercially inferior substitute for it.

POINT C

It is unquestionable that the responsibility of the office holder in attempting to fulfil the purpose for which he was appointed is to try to structure an arrangement that would be capable of achieving the necessary statutory majorities but at the same time would not be unfairly prejudicial to any creditor.

OUTCOME

In the instant case it was held that the guarantors had dictated the terms of the agreement to the office holder and as a result to the unsecured creditors, where a likely return to creditors would be 100p in the pound. Of course they would vote for it. But the Landlord would not get 100p in the pound and the terms of the guarantee would be lost or made less favourable. Accordingly, the fact that it was irrelevant to the other creditors and that the vote was likely to be carried suggested that prejudice had occurred and the court held that the guarantor’s involvement made it unfair.


Breeze & Wyles now fully Video Conferencing enabled

Breeze & Wyles is pleased to announce that following testing both internally and externally that it can now offer its clients Video Conferencing facilities. The benefit is to see your lawyer and to reduce overall cost of the provision of legal service in commercial and litigation matters. In addition, when necessary we can also deliver management meetings meaning that there is now no need to hire expensive meeting rooms to have a physical meeting.

If you would like to discuss the potential call or Brendan O'Brien on 01279 715322 or e mail to brendan.obrien@breezeandwyles.co.uk


Breeze and Wyles continues to move up Land Registry applications rankings

Land Registry Applications Rankings 

The figures recently released by the Land Registry ranking firms by way of number of rankings in the month currently shows Breeze & Wyles at 5th place in England and Wales, when banks and shared equity firms are excluded.

Once again this demonstrates that the Breeze & Wyles solution is second to none in the market place and that more clients are coming to see the benefits of engaging with the Breeze & Wyles phenomenon.

Murray Fraser, A Director at Breeze & Wyles says: "You don't have to be private equity backed to provide a world class service. A focus on the needs of your clients through innovation and staff training provides a more desirable solution for clients than a focus on a return to your firm's funders."

If you would like to discuss the potential call or Brendan O'Brien on 01279 715322 or e mail to brendan.obrien@breezeandwyles.co.uk


Breeze and Wyles continues to move up LR applications rankings

The figures recently released by the Land Registry ranking firms by way of number of rankings in the month currently shows Breeze & Wyles at 5th place in England and Wales, when banks and shared equity firms are excluded.

Once again this demonstrates that the Breeze & Wyles solution is second to none in the market place and that more clients are coming to see the benefits of engaging with the Breeze & Wyles phenomenon.

Murray Fraser, A Director at Breeze & Wyles says: "You don't have to be private equity backed to provide a world class service. A focus on the needs of your clients through innovation and staff training provides a more desirable solution for clients than a focus on a return to your firm's funders."

If you wish for further information contact me on 01279 715322 or at brendan.obrien@breezeandwyles.co.uk


Mortgage Repossessions: Try Breeze & Wyles for something refreshing!

The news on the street is that the market place for firm capable of handling volume repossessions is now extremely small and as a result those in this market are becoming complacent. Now that these firms have driven prices down in order to consolidate the number of firms able to deliver this function it is clear that there is no need for real innovation to drive down cost and enhance service quality, as there is little or no competition left in the market.
That may be the case, but with a little confidence some lenders can benefit from an extremely competitive offering from Breeze & Wyles and its alliance firms. Combining a market leading IT platform developed wholly in house, excellent staff training processes and efficient pricing this is the product that the market really needs. Breeze & Wyles has appeared in the press on a number of occasions over the last couple of weeks mainly as a result of the acknowledgement by its clients that the quality of its service, IT system and staff is second to none. Why not become a part of the Breeze & Wyles phenomenon.
With Treating Customer Faairly principles at the core of the IT process our system delivers a service both safe to lender clients at efficient costing. Within the mandates that we are given we are able to ensure high quality management information and customer payment remediation if the lender client so wishes.
Additional services include: -
  • title remediation;
  • professional negligence services based on after the event insurance;
  • shortfall recovery;
  • Early warning of no application post completion of your mortgage advance.

If any of this interests you please call either Brendan O'Brien 01279 715322 or Murray Fraser 01279 715321 to discuss


Mortgage Repossessions set to rise in the medium term

There is some disturbing news in the market about the future trends in Mortgage Recoveries. Some reports suggest that this is set to increase shortly. The Consumer Credit Counselling Service (CCCS) believes this may happen as lenders enforce suspended possession orders after previous leniency.
As one the the UK's leading debt charities, it counsels a large number of clients with suspended repossession orders on their homes which lenders have chosen not to enforce despite clients failing to meet court stipulated payments.
This situation is likely to be aggravated in October when Support for Mortgage Interest payments for those who have lost their jobs are halved from 6.08% to 3.09%, to match the Bank of England's average mortgage rate.Delroy Corinaldi, CCCS's director of external affairs, commented: "There is no doubt that lenders have shown leniency towards debtors during the recession by not enforcing suspended possession orders. However, this leniency may have been partly determined by the markets.
"In addition, some lenders are increasingly showing reluctance in allowing struggling debtors to switch to interest-only mortgages as a short term solution, giving people the necessary breathing space to find other more sustainable options."

Volume Conveyancer article on Todays Conveyancer

Article to be found at http://www.todaysconveyancer.co.uk/news.php?viewStory=147

OpenConvey has been very busy this year signing up estate agents and conveyancers to its panel and introducing a will writing service.

Recently OpenConvey has added Alex Neil estate agents to its client list and have followed this up with the appointment of Breeze and Wyles who have offices from Enfield to Hertford.

Jonathan Hall, commercial director of OpenConvey is reported by Mortgage Introducer as saying "We are very pleased to have Breeze & Wyles join us. They are one of the top ten law firms in England and Wales by Land Registry applications.

"Not only do they represent the kind of regional practice which is a vital part of the OpenConvey ethos, but their investment in technology to maximise efficiency and cut operating costs means that the service our introducers receive will be of the highest quality."

"Breeze & Wyles have recognised, as we have, that to stay ahead in today’s market requires not only the vital human touch but also the best that modern technology can offer."

Brendan O’Brien, a Director at Breeze & Wyles says: "We are delighted to be part of the OpenConvey panel and look forward to dealing with enquiries from their introducers. We have been much impressed with the online service that links us to the introducers and their clients and which has linked seamlessly with our own internal systems."

"I am in no doubt that our partnership provides a major step forward in simplifying the legal aspect of the house buying process. It also demonstrates the potential for those Law Firms who are prepared to actively engage with delivery of legal service provision through IT particularly in this pre-Alternative Business Structure era."