Bank Guarantees & Loans

jmartinesq

I have some questions and wondered if anyone has the answers.

1. As a company, I and my fellow 3 directors took out a SFLGS (Small firms loan guarantee)which was ok. But we each were made to take out a personal guarantee to cover the bank's minority portion (not backed by the SFLGS). So my question was (in hindsight) can the bank ask directors for personal guarantees as part of the SFLGS scheme, as it surely contradicts the whole point of the small firms guaranteee scheme.

2. The second question is an interesting one...My name appears in UPPERCASE in the Personal Guarantee document, and I am led to believe that this constitutes an agreement with a TRADING ENTITY not a live human person. Is it correct that a contract/finance agreement made out to someone whose name is printed in UPPERCASE constitutes an unenforceable agreement? (corporations can't sign because they have no right, or mind, to contract ????)

3. On a separate occasion I signed an agreement for an overdraft for my business. I signed the document on a day in November, and did not receive a copy of the document. I asked repeatedly, and it was not until the following July, I received a signed copy wiht my signature on, and that of a bank official - BUT...the date next to the Bank official's signature was Acutallly February 26th?

Question - Is the overdraft agreement "legally" binding, if both parties didnot sign it same day, one signed some 3 months after me, and the document i signed wasnt sent to me until some 7 months later? And can the bank enforce the agreement? (I have copies of the document and proof of when the bank posted out the agrement 7 months later)

Many thanks

John.

jonesMUFCforever

As I see it
Point 1 - Yes the bank can ask for a personal guarantee if it wants to - you do not have to agree to this and could find another bank that does not require this.

Point 2 - I have absolutely no idea but IMO you are clutching at straws here.

Point 3 - It would depend on 2 things - firstly how the bank mandate was signed and secondly how the Articles and Memorandum of the company was set up. If the mandate was for either to sign then as long as one of you signed it is valid.
Does the articles and Memorandum give specific powers to specific board members to sign for overdrafts and loans?

gastfo

Regarding Point 2:

I don't believe your clutching straws.
This is a very valid point and hardly anybody knows why.

Corporations / Banks cannot contract with a living soul, so
they invent a STRAWMAN which you think is you as it has
your name but in Uppercase.

Please check my previous posting in this forum and PM me if you want the
full info including how to take control of your STRAWMAN,
free your assets and children.

jonesMUFCforever

gastfo can you give more details on here?
I'm intrigued to find out more about the Uppercase letter etc.

I used to be a securities clerk at a bank taking security from customers (before it was all centralised) - I have never heard of what you are suggesting before and I'm pretty sure that if it was important or legally required to write the name in a certain way for it to be enforceable I would have known about it.