Many directors of small to medium size business are asked at some point during their directorship to sign a personal guarantee. As a result, for example, you might find yourself resigning as a director of a company, yet still be personally responsible as a guarantor for the related debt of that company.
Resigning is not in itself effective or sufficient for you to extract yourself from that personal guarantee. Quite often there are sensitive issues around this, particularly if a company is being sold or is not performing that well (now or in the future).
Care also has to be taken to manage the exiting of a personal guarantee in such a way that it doesn’t cause the lender to call it in immediately. So, to make sure the lenders don’t come calling some time down the road, get in contact now so we can talk through your situation and advise you on a safe and proper exit.
Wherever you are in the process, click on the relevant link below to see how we can help: