Office lease/guarantor question

creativehands

Hi - I'd be really grateful if someone could give me some help!

I signed as a joint and several guarantor on an office lease in Sept 2008. The tenant company has now defaulted and is technically insolvent.

The landlord had started court action against me and other guarantor for the monies due, however, I have now learnt that the other guarantor has reached some kind of agreement with the landlord, paying him some cash in exchange for being released as guarantor.

This now leaves me facing the county court alone.

I've been off work for 4 months - long term, and serious, illness, and negative equity on my house - and I'm not sure what my rights are.

Can anyone suggest if all this sounds above board?

When I signed, I signed as a joint guarantor - not expecting to have to deal with all this by myself.

creativehands

I should add that because of my circumstances, I have no money to hire expensive solicitors to fight on my behalf - and I really don't know what to do now.

Anihilator

Do you know what Joint and Several liability actually means?

Whether there was 2 guarantors or not the landlord could have gone after whoever he wanted for the money. He has obviously decided you are the most likely to be able to suceed in doing so.

Unless the contract was more specific I.e you signed only because of the other guarantor or such then you won't have much legal room

You will likely need to settle then chase the other guarantor/the borrower for their share of the loss.

maninthestreet

OP, can I ask what led you to act as a guarantor in these circumstances?

creativehands

Hi - I acted as guarantor as I set up this company with my then friend (the other guarantor).

As i've not been involved with the company since August, I've been out of the loop as far as any dealings with the landlord.