Showing results for tags 'secured overdraft'.
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Hello all, This is my first forum post. I would like to get some advice on my legal position. Company A has an authorised overdraft with bank. Director A didn't sign renewed personal guarantee but signed previous guarantees. Company B buys 70% of shares in Company A and Director B appointed to Company A. No guarantee is signed by Director B as bank have not asked him to sign one yet. Bank policy is all Directors required to sign PG (joint and several liability). Bank decides to enforce personal guarantee against Director A. Legal questions: 1. Can bank enforce PG and rely on old PG agreements (precedence); 2. If PG can be enforced, can Director A invalidate PG on grounds that Director B did not sign PG, or if not invalidate, can Director A sue Director B for half of PG, or argue to bank that only 50% liability is due as they were negligent in not getting Director B to sign PG. Quite an odd situation this one... Thanks.
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