Bank guarantees are a fact of life for directors of almost all small to medium sized business which require funding. Although there are exceptions, lenders have been requesting personal guarantees for a long time, they have learnt from mistakes in the past and unfortunately for you, most of the guarantees are valid.
The initial demand letter may sound threatening and impersonal. It has come at a time when you are still reeling from the failure of the business in the first place and you are trying to piece your life back together.
The most important thing to do at this time is not to ignore the letter. Silence will mean the file will quickly be processed through to the Courts and you will lose control over how it is dealt with.
You should seek advice. Clarify your own overall financial position, what options do you have available?. What are your future intentions? Seeking advice will allow you to focus on what you can do, not worry about what you cannot.
We have extensive experience of dealing with banks on behalf of clients.
Call us to discuss your situation and we will do our very best on your behalf.