Personal Guarantee – I’ve received a Statutory Demand!
A call on a Personal Guarantee can be stressful. Although, if managed with meaningful, professional engagement can be dealt with.
If a Statutory Demand is ignored or the wrong representation is made, the situation can quickly deteriorate. Moreover, a Statutory Demand will lead to Bankruptcy proceedings. Bankruptcy Petitions will be issued within 18-21 days if the Statutory Demand is not engaged with.
Seeking correct advice
Owning assets in excess of the value of the Personal Guarantee will likely have to be entertained in full.
The key point in such cases is to minimise the costs, as the issue of a Bankruptcy Petition will see costs escalate very quickly. However, offers to resolve the situation can still be made but, need to be supported by full representation.
Alternatively, if you cannot honour the Personal Guarantee. Engagement coupled with correct professional advice is important. There are many instances of ‘professional advice’ given by advisors, who aren’t debt specialist.
Who to seek advice from?
Presentation is the key, as you don’t want to create any misconceptions at this stage. It’s all about engaging with the creditors and managing their expectations through effective communication.
Above all, we would suggest that you that nobody should rely on the ‘family friend/good old’ accountant or solicitor. This is a pressurized debt situation with defined time constraints. Strategy and its application are vital. In other words, seek debt strategy specialists
For further Information or guidance on Personal Guarantees, a Statutory Demand or Bankruptcy Petitions – Call Bell & Company on 0330 159 5830