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Personal Guarantee but Equity

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Please help we are a builder/developer and have a borrowed money from a funder to fund the development of 4 houses. They have secured their funds on the development and in turn they requried a Personal Gurantee from all 3 Directors not sure if they are secured on anything (home etc..) However a Solicitor has looked at them and they are WATERTIGHT!!!!. The trouble is we have not been able to sell the development as we have only been give so long to do so there is also no equity in the development it has dropped at least 50%. Our concern is that they will call in their PG'S if we do not sell soon. Now due to the credit crunch we have no equity in our own homes, our cars on HP and very little cash in the bank and no assets to speak of. If the PG's where called in and they could not access any money would they CCJ or worse still bankrupt the Directors. Any advice or information would be appreciated. Times are difficult enough as it is without this hanging over us.

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