Have you signed a Personal Guarantee?
If you’ve signed a Personal Guarantee, it could lead to the loss of personal assets.FREE Expert Advice 24/7 – 1300 767 525
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Personal Guarantees = Danger
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.
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What is a Personal Guarantee?
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.
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The most common types of personal guarantees are to secure debts for:
- Trade supply accounts
- Company credit cards
- Hire Purchase or Leasing contracts
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.
Our Approach To Helping Your Financial Problems
The Insolvency Experts are ASIC licenced insolvency specialists who will help you FREE of charge and without obligation, 24 hours a day.
All you need to do is call to obtain answers, options and solutions to the most difficult financial situations.
The Insolvency Experts will tell you exactly what you need to know – not what you may want to hear. By doing this, we empower you, through the provision of correct information, to make the best and most informed decisions about your finances in difficult circumstances.
The Insolvency Experts who you will speak with are licenced professionals with over 30 years specialist insolvency experience. We have helped thousands of people just like you in the most dire financial situations.
We have a proven track record of honesty and trustworthiness and seek to maintain the highest ethical and moral standards while providing you with sound, professional advice.
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Options – will be canvassed and explained so you can make an informed decision that is best for you and your family.
Solutions – including both informal and formal solutions. These may include Company liquidation or Administration.