If you have been 'served' with a bank demand because the bank forced your business to close down or removed the business account lending you may require very specialist advice to ascertain if the Director’s Personal Guarantees you signed before those events can be contested now or whether you may use that 'situation' against the bank’s claim on you.
A personal guarantee is an agreement made between an individual or individuals which means that if they act as a business director they then take a level of responsibility for their company's debts in the event that they cannot be paid back by the business or company itself.
If a claim is made under the personal guarantee, the director will be liable to pay the company's or businesses debt and the partner, proprietor or company directors' personal assets may be at risk as they become liable for the relevant business debt that is covered by the guarantee.
IBAS is a professional, business bank customer organisation providing confidential guidance and direct assistance for UK Business banking problems and disputes, up to and including litigation.
IBAS experience has proved to be the deciding factor in effective and sometimes almost miraculous settlements for business banking customers.
IBAS has specialist knowledge (from IBAS investigations into UK business banking account disputes since 1992) - no other business 'help' organization has the 'extra' width of knowledge to produce the best results - providing IBAS members with better 'options' for contesting a bank Director's personal guarantee debt claim demand and also business banking debt claims.
An email to IBAS with your circumstances will help IBAS to help you - so email us now.
Personal Guarantees on Bank Business Debts or business banking debts or disputes for Limited Companies allow the bank to claim a debt is owed personally by the personal guarantor if the business fails or the Limited company cannot pay the debts claimed on the bank's demand.
It is not enough for a personal guarantor to resign from the company and even if a company director resigns that may not protect them from a bank claim on their personal guarantee for debts owed by the business whilst they were directors or partners.
If you need to have a release/discharge/end/finalize or 'determine' a personal guarantee you will require specific advice to make sure the Personal Guarantee is no longer 'relied upon' by the bank