A personal guarantee is a legally enforceable agreement that means if the company fails to pay its debt, the guarantor (usually the company director(s) becomes personally liable to repay the debt.
The Insolvency Experts Can Help:
Understand Your Position
Formulate A Strategy
Provide FREE 24 Hour Support
Very often a creditor will seek a personal guarantee from a company’s directors to secure the obligations of a company before they provide any credit accounts.
This means that that your personal assets will become available to pay the outstanding account if the company is unable to meet its obligation. The creditor can sue you for the company’s debt.
The most common types of personal guarantees are to secure debts for:
Often, directors are unsure as to whether they have signed a personal guarantee and it is only when a company is heading towards insolvency that these types of issues assume greater significance to the directors.
The best advice is to read and understand every document before signing it. Also, seek competent legal advice before signing any contracts or credit applications that require a personal guarantee.
Call 1300 767 525 to speak with us, Free of charge, 24 hours a Day, or complete the form below and we will get back to you within 30 minutes!
Call 1300 767 525 anytime or fill in your details below and one of our expert advisers will get back to you within 30 minutes!
Licensed Expert Answers All Calls 24/7
(Not a Call Centre Salesperson!)
We are a specialist insolvency practice providing free 24 hour advice to company directors & individuals throughout all states & territories of australia.
Our highly experienced & trusted professionals are qualified, licensed & regulated by the asic.
Established in 2006, we were the original, low cost liquidation provider and have since helped thousands of directors and hundreds of companies in a wide array of industries.
24/7 Helpline 100% of Calls Answered by Qualified Expert – not a call centre
ASIC License 296215 since 2006
Operating in All States of Australia
30+ Years Experience
1,500+ Directors Assisted Annually
85% of liquidations effectively completed within 4 – 6 months
Low Cost Liquidation Expert
Rated 5 out of 5 on Google Reviews
Uncover POWERFUL TRUTHS about liquidation that others won’t tell you