Six Potential Ways out of a Personal Guarantee! Posted on Apr 03, 2012 by | Tags: personal guarantee, liquidation, good faith, promise, error, econmic duress | 1 Comment By Neil Morrison, Associate, Dispute ResolutionINTRODUCTIONIn the current economic climate, it is very difficult for Scottish individuals and small companies to obtain bank loans or overdrafts. Often when a bank is prepared to loan money to the borrower, they will demand that a creditworthy guarantor (usually one or more company directors) signs a personal guarantee which then entitles the bank to recover a fixed sum of money from the guarantor should the borrower fail...
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