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Personal Guarantee for Trade Credit


Ianok
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Hi and what a wonderful site this is. Put my faith back in people.

 

I have attached a blanked out Trade Credit Application which is titled 'Application For Trade Credit And Guarantee Form'.

 

My secretary filled this in and I signed it. I thought it was a trade credit and Guarantee for goods supplied NOT a Personal Guarantee application. I notice on the last page (3) it details Personal Guarantee.

 

So it looks a little ambiguous to me, but I did sign it and do not dispute the debt.

 

My company is in liquidation and the creditors informed, which is why I have got this presumably.

 

Is it worth fighting or should I try and negotiate. I do not have the £9,000 and I expect more of these.

 

Many thanks in advance

 

Ian

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Hi

As far as I am aware there is no charge on my property. It state's' they have the right to proceed against the signatory personally'

 

I guess that means eventually a charge will be put on the property.

 

Very interested in your thoughts and thank you so far.

 

Regards

Ian

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Thread moved to General Legal Issues.

 

Regards

 

Andy

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What goes against you fighting it is ".... has the right to proceed against the signatory personally".

 

This really is a big, and can be, complicated subject and a lot of details would need to be looked at such as if it was a voluntary liquidation or compulsory liquidation. It also depends on the state of your books and how detailed they are and if they have been audited.

 

Either you or the liquidator can ask the company for reduced payments, putting a date on when a review of those payments will be made, usually around six months. Most decent large companies will agree especially if you were on good terms with them.

 

One thing to keep in mind, this is not bankruptcy and nothing like bankruptcy.

Edited by Conniff
correct typo
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I'm afraid that guarantee looks legally binding to me. I would say it is worth negotiating. The personal guarantee is immediately above the signature so I don't think you could say that you did not know what you were signing.

 

You may have a way out if the trader ever changed your company's credit limit. There is a clear legal rule that the consent of the the guarantor must be obtained for any variation to the underlying contract, else the guarantee will be discharged. That right is not waived by the document in your attachment.

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Hi Ianok

 

Sorry but I have had to unapprove your attachment in post#1

 

Could you please use an image editing program to edit what you have edited with black marker then convert to PDF then repost.

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I advise to the best of my ability, but I am not a qualified professional, benefits lawyer nor Welfare Rights Adviser.

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Hi Conniff,

 

Thank you for your comments

 

In answer to your questions it was a voluntary liquidation, Our accounts are up to date but as a newish company we did not get to our first audit.

 

These clauses seem to go against the spirit of the agreement.

 

One thing I research is that these contracts have to be personally negotiated and this one was clearly not. Also when I research The Unfair Terms in Consumer Contracts Regulations 1999 there seems to be some argument there if I am classed as a consumer. As offering a PG to the business is in a personal capacity not as a Director.

 

Just a thought

 

Thanks again.

 

I

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