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korovka

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About korovka

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  1. Thank you, Gaston, for pointing this out - this is brilliant. Indeed, on the front page it states: "Borrower" and the company name. Not a nice topic for a Saturday night but as we are evaluating our worst case scenarios, this is a great relief. And thank you so much Numbers - I have some clarity in my head now about this.
  2. Tifo, We were advised by our solicitors at the time that this is a standard contract clause for a personal guarantee used by all banks. Nobody provides any business credit without personal guarantees.
  3. Many thanks, Numbers! I thought this clause cannot be right - the trouble is that when we were signing the agreement, the solicitors were not at all worried about this clause and said it is a standard one that all banks use! Our secured lender is not a bank but they used solicitors who draft bank contracts routinely. It has not come to this point yet - they have not even started selling the assets, and until yesterday we were lead to believe that we were working out a solution with them. It may well head that way at this point, especially given the state of property market.
  4. Hi, I am a director of a company that got in trouble with the secured lender who has now placed us into administration, and the administrator within 3 minutes of arrival went straight into selling the assets (real estate). Both myself and my spouse signed a personal guarantee document that states: You agree that none of your liabilities underthis Guarantee shall be reduced or affected by: the death, insolvency,bankruptcy, liquidation, administration, winding-up, incapacity, limitation ordisability of the Borrower and/or any other person Does it mean that even our personal ban
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