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Guarantee - not dated


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Hi folks, any advice would be much appreciated.

 

I bought a machine from Lombards several years ago on a hire purchase agreement. Since then my compnay encountered financial difficulties and I could no longer afford the repayments. Lomabards subsequently uplifted the machine without my knowledge. My business has since gone under.

 

Lomards are now insisting that I signed a Guarantee and Indemnity and have served a statutory demand for payment of the debt. The have provided me with a copy of the Guarantee and I have noticed that the date section has been left blank.

 

I was wondering if the date was required in order for the Guarantee to be held as valid?

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definately.

 

If it is a limited company and has gone bankrupt then only the assets of the company can be taken to pay off outstanding debts.

 

If it wasnt then you are personally liable,.

 

However IF it was limited AND THEY GET YOU TO SIGN A PERSONAL GUARANTEE then you have taken on that liability personally and are not protected by the Ltd status.

 

My Advice DONT SIGN until you have taken qualified legal advice regarding the implications. (and find out if the company was ltd)

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