Borrowers in Arrears or Financial Difficulty

 

In accordance with the Code of Conduct for Borrowers in Financial Difficulty (the "Code"), Gordian Holdings Limited has introduced a process designed to assist our customers who are in arrears with the loan repayments or at risk of going into arrears, to find a resolution for them.

 

The code applies to:

- Borrowers who are individuals with loans with a total balance of up to one million euros (€ 1,000,000). This includes guarantors of the borrower and third party who provided securities for the borrower. 

- Micro and small enterprises loans (including loans of their connected persons) with a total balance of up to one million euro (€ 1,000,000). Micro and small enterprises are defined in accordance with the European Commission Recommendation of 6 May 2013 concerning the definition of micro, small and medium-sized enterprises (2003/361 / EC) and generally includes registered self-employed persons and enterprises with less than 50 employees or an annual turnover that is less than or equal to € 10 million.

 

The following persons do not fall within the scope of the Code:

- Persons for which an application for bankruptcy was filed by another creditor
- Persons for which a receiver or administrator was appointed by another creditor
- Persons for which a dissolution decree was issued 

 

The Arrears Management Process