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Personal Guarantee – Asset and Liability Statement
Stating the obvious but Asset and Liability (A+L) statements give an indication of somebody’s wealth. When a lender or any other creditor seeks a Personal Guarantee (PG) to act as security, for a form of finance, they will (well they should!) obtain an A+L – to ensure in the event of call on a PG, the Guarantor is good for it.
Very often over time an individual’s A+L’s will change and in the event of a PG being called upon, an updated A+L needs to be prepared.
Our key skill, here at Bell & Company, in this area of work sees us look at the presentation of an A+L, especially the commerciality involved. By that we mean, if a matter does or could become litigious, we immediately advise of the return likely in repossessions and/or Bankruptcy.
WARNING – This area of work ‘should not be tried’ at home and is a specialist’s job.
Using a ‘general’ skilled professional e.g., a solicitor who helped with the purchase of your home, will not work.
All creditors when considering an offer will require an A+L Statement and any refusal to provide one will see the end of negotiations. At this stage it’s all about trust and transparency.
Our case study below demonstrates what can be achieved even when you deem yourself to be ‘asset rich.’
As with all debt negotiation, presentation is all, and this is particularly so, in the preparation of A+L’s. Even if you are extremely wealthy the focus on the outcome is vital.
Failure to report properly here will lead to a breakdown in trust and can result in litigation and huge costs and/or taxation on realisations.
Be careful and at the risk of repeating ourselves…….don’t try this at home!
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