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.

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.

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.

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 bankrupcies will not remove these liabilities, and we will in effect be lifelong slaves of our creditor? The creditor is not a bank but a small private company. We cannot afford any more legal fees at this stage, and this seems to be a specialist area.