Lloyds launches legal bid to recoup £4m from property debtor
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New papers filed at the High Court in London have revealed that Lloyds Banking Group is attempting to sue property investors West Ten Properties (UK) for £4.3m over unpaid debt.
The documents show that the case surrounds two loan facility deals signed between West Ten and Edinburgh-based Lloyds in January 2009.
One of the facilities was for a maximum of £500,000 and the other was for no more than £4 million.
West Ten used £280,000 from the first facility and the full £4m from the second.
The cash was supposed to be repaid in February the following year (2010), but the debt was never settled.
The legal bid now sees Lloyds seeking both the outstanding amounts, plus interest.
A Lloyds spokesman said: “As the matter is subject to ongoing legal proceedings it would inappropriate to comment.”
West Ten is yet to comment on the ongoing case.
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