Hairdressing Asset Lease and Supplier Personal Guarantees
M’s hairdressing business went into insolvency and there were 3 sub £10k asset lease personal guarantees for equipment and furniture and a £20k one.
Plus a £40k personal guarantee alleged in relation to a hair product supplier.
The asset lease agreements totalling some £30k were negotiated for a settlement of less than £10k in total; all the lease companies were aggressive in their tactics in either being close to or actually instigating court action.
The hair product company’s personal guarantee was badly drafted and therefore a full and final settlement of £5k was agreed on the £40k liability.