Personal Guarantee

Eslin

Looking for advise please.

My company is about to go into voluntary liquidation. There are two directors myself and my husband. Going through the paperwork of a bank overdraft I see that my husband signed an 'all monies' personal guarantee. We no longer have an overdraft facility and this has been the case for some years, however, we do have a business credit card with approximately £5,000 and a loan due to finish in 18 months £6,000.00 or there about outstanding, both of which were taken out after the overdraft. I'm assuming the 'all monies' guarantee will apply to the credit card & loan, is this correct? Although not yet confirmed I don't believe the 'all monies' personal guarantee was secured. Can we come to an arrangement with the bank to continue paying or will they make us bankrupt? Also am I liable for the all monies guarantee even though I have not signed any paperwork?

Would really appreciate some advice, thank you.

jonesMUFCforever

I think all monies means any lending for the company.
If you agree a repayment plan why would they make you bankrupt.

Is the guarantee secured on anything eg property?
If so they hold all the aces.

Eslin

Hi, thanks for your quick response.

The PG was signed for in 2008, we did own a home at this time but sold it in 2010 & have been in rented accommodation since. I don't remember ever securing the PG against our home at the time, also I'm pretty sure a secured debt on the house would have come to light when we sold it.
I am in the process of trying to get a copy of the signed agreement from the bank (searched all our paperwork & can't locate it) without causing them any concern just yet!
I have the thought of being made bankrupt based only on other threads I've seen. At times like these all manner of scenarios play out in my head!

Thrugelmir

Be prepared to offer a repayment schedule. Should the need arise.

Eslin

Thank you for your response, very useful.