Thread: Guarantor for business lease/Stat demand.

Hi guys,

am new to the forums but need some urgent advice...

i haven't been served with this yet, but it is on its way.

Sometime ago i agreed to be a guarantor for my partner in a lease contract. The lease was a three year rental of retail premises. My partner has been struggling to keep up the rent and has recieved

a statutory demand under sec 268 (1)(a) of the insolvency act 1986 Debt for liquidated sum payable imediately

The same document arrived at my parents address for me a few days ago, which has put the frightners on my folks (my dad shares the sme first and last name as me, but not the middle name as is on the document).

I'd like to ask a few questions for clarity as this is very worrying.

The demand is for money totaling over £6300. Though the term of the lease, as i said, was for three years - a period which expired in january of this year, so there are over £2000.

As a guarantor am i liable for the full amount or just the amount pertaining to the original 3yr lease?

My sig was not witnessed and i did not show any kind of identification, is it a lawful contract of guarantee? i think it is, but hey, i'm open to all offers here...

Am i liable for bankruptcy under guarantee? i have a feeling that i am and am really worried about my home.

If i make an offer to repay the amount, can the creditor refuse that offer?

As i recieved no benefit (or consideration) from the contract, is it still enforcable?

How long will it take for them to issue a bankruptcy petition on me if the debtor, my partner does not pay, ie: if they issue a petition for bankruptcy to her, will she be given a period to pay before the bankruptcy is finalised, and will i then have longer to get the £ together to pay this bill?

i have saght out a loan for the full amount, but it will take a few weeks to go through and by that time the 21 days of the demand will be up - so could do with some advice

Anything anypone has to offer will be much appreciated

sorry for the long post, but would like some clarification

Thanks, in advance

all the best

A

Thanks Martin

just to clarify that first point 'The demand is for money totaling over £6300. Though the term of the lease, as i said, was for three years - a period which expired in january of this year, so there are over £2000.'

the demand says that rent is also payable for this year, which is over £2000 - altho this year was not on the agrement i signed, so the original agrement total is around £4k...

i read somewhere that it will cost the creditor around £1500 to seek a bankruptcy order, if he chooses to go that way will there be two costs of £1500 involved: 1 for each debtor myself & my partner or one £1500 per overall case?

cheers all
A