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What to do if I am concerned about personal guarantee?

In specific circumstances, directors may be required to provide personal guarantees when a company borrows money. A directors personal guarantee creates a secondary obligation to support the primary loan. This means that if the company defaults in any way, the lender may call on the personal guarantor to fulfil the borrowers obligations (usually payment obligations).

Vardags are experienced in advising clients in situations where a lender has taken steps to enforce a personal guarantee against director(s). We will investigate all scenarios to see whether your liability under the guarantee may be discharged or reduced or whether there are any circumstances which may give rise to the guarantee being set aside.

Vardags also advise clients in situations where bankruptcy petitions are presented against personal guarantors who have failed to pay sums to a lender under a personal guarantee. Equally, Vardags can act for directors defending proceedings issued against them by lenders whether for the recovery of debt or where charging orders are sought against guarantors.

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