For a fixed fee a Cousins Business Law solicitor will review any Personal Business Guarantee you are committed to. Get practical advice on actions you can take to minimise your personal liability.
If you have signed a Personal Guarantee whether in favour of a Bank, Landlord or another creditor and are being asked to pay up, this review is for you.
In the current climate, many banks are calling in small business loans. In many cases, the company directors will have been required to sign a Guarantee document when the loan was first taken out. When the company is unable to pay the Bank, it will instead look to recover the money from the directors personally.
- Are you being pursued for a Personal Guarantee debt that you can’t afford to pay?
- Do you need advice on how bank personal guarantees are enforced?
- Should you approach the creditor to accept a lower amount in full and final settlement?
- Are you being charged penalty interest on the debt?
- Could you really lose your home or other assets?
- Do you understand what will happen if you don’t pay up?
- Are your business partners or fellow directors equally liable?
- Is there a maximum figure the lender can claim if you default on a personal guarantee?
- Can you be made bankrupt?
- What if the lender has not acted in accordance with the relevant Codes of Conduct?
The Cousins Business Law Fixed Fee Personal Guarantee Review helps answer all of these questions as they relate specifically to your circumstances. For a fixed fee of £95 + VAT, one of our experienced business solicitors will provide you with practical telephone advice on the best options available for minimising the amount you personally have to pay back.
Here are just two examples of where we have been able to help business owners and directors with personal guarantees:
Company borrowings threaten business owners’ home
Our client had given to the Bank a Personal Guarantee to cover the borrowings of his company. When the company was wound up, the Bank threatened to repossess the family home. Following our strategic advice he was able to negotiate a 25% discount in full and final settlement, which allowed our client to remortgage and prevent the house being sold.
Unfair interest challenged
Our client was the director of a company and the Bank withdrew the overdraft facility without notice. When it was not repaid the Bank started to charge our client, who had signed a Personal Guarantee, penalty interest at 25% per annum on the debt. We successfully argued that they were only able to charge 2% over Base Rate under the guarantee and we served a notice to stop the debt increasing out of control.
If you are worried about a personal guarantee you have given a bank, landlord or other creditor call Nigel Musgrove 01285 847 001 or email Nigel to take advantage of our Fixed Fee Personal Guarantee Review.
Legal advice for...
Family Owned Business
“Cousins Business Law excels at demystifying potentially complex legal areas for small business owners”
Simon Moore, MD Moore News Ltd
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