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Personal Guarantees
Personal Guarantees
In the current financial climate personal guarantees are commonplace. Lenders will often look for additional security in respect of advances made to companies as part of a security package. This often comes in the form of personal guarantees given by the company’s directors and/or shareholders. These may be a single guarantee or a joint obligation shared by directors.
It is imperative that you understand what you are being asked to sign and what the consequences of a guarantee may be. We can provide you with such advice at the outset as it is always advisable to obtain this before you sign on the dotted line. It is not uncommon for lenders to insist on such advice before they will accept the guarantee and allow to the company to access the lending facility.
You should fully understand the implications of a guarantee in the event that it is relied on by the lender.
If you have signed a personal guarantee and are concerned about its terms or you are being pursued by a lender we can help in advising on your position and the potential consequences.
It is possible to challenge a personal guarantee in its entirety or the extent of your exposure under it can be limited. We can advise you in relation to potential ways to avoid liability under a personal guarantee and defending and/or settling on the best terms possible in relation to claim brought by a lender against you.
Please contact Kathryn Maclennan on 01254 268792, kmaclennan@kbl.co.uk or Richard da Roza on 01254 268793, rdaroza@kbl.co.uk
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