Unfortunately in a bad situation which brings me to the website. I've had a look around at a few threads in relation to Personal Guarantees from Travis Perkins and other trade companies. Long story short:
I sold my shares in a business a couple of years ago
Still showed as active on Companies House until more recently (Directors never removed me and I didn't notice)
Wasn't aware of the personal guarantee at all (signed back in 2017) and it was for an agreed £10k, the debt is now £35k and the guarantee is the same as my example below (unlimited, joint & severable)
Company has informed creditors recently that it's trading insolvent and cannot pay.
Travis have sent a letter demanding payment (joint and severable) across 3 Directors (none of which are current)
It wasn't secured on anything
I have other companies (do they count as assets?)
I'm wondering what to do... I've put in an offer relative to the value of shares I had which equates to 10% of the debt. This has been rejected and demand for full payment remains.
I've read this thread: https://www.consumeractiongroup.co.uk/topic/400364-personal-guarantee-quottravis-perkinsquot-now-being-called-upon/
But there was never a confirmed outcome and it went cold. One of the Directors under the guarantee has a Debt Relief Order which was after the original document was signed (I believe this is what it's called). Does this impact his liability?
I was never aware that the limit had been increased several times over the period and continued to rise after I'd left the business. I've found some case law below and it doesn't look great (although both cases on this example seem very similar?), by the sounds of it:
I'm unsure how to play it... I don't have the money to pay it (nor morally should I be). I have a mortgage but it's in joint names with a family member.
Please help, the stress is making me ill.