Client approached us before £200k Personal Guarantee called
Our client was a 15% shareholder in a business that she had serious concerns regarding trading insolvently; she had signed a joint and several personal guarantee for £200k with respect to the company's bank borrowings.
We assisted our client in extracting herself from the business and in particular to mitigate any claim under the personal guarantee.
By helping her to provide notice under the personal guarantee in such a way as to considerably mitigate the risk to her, when the company was subject to formal insolvency proceedings we were able to successfully thwart the banks attempt to claim under the PG.
17 July 2015 By Mel Loades