During the boom Personal Guarantees were given by numerous individuals to facilitate borrowing by corporate entities and dependent relatives. Now many of those guarantors are in difficulty and their Personal Guarantees are outstanding and have been called on.

Do you have clients facing exposure by way of any Personal Guarantee?

There are always options available to the individual and the key is in obtaining professional advice that is tailored to the specific needs of each and every client. Strategy is one element but implementation is another vital component and Bell and Company have the team and resources to make both happen.

The distinction between a pre-insolvency consultant such as ourselves, and an Insolvency Practitioner, is that an Insolvency Practitioner has a legal obligation to work to obtain the best outcome for creditors.  Our obligation as pre-insolvency consultant’s is to the director or individual. Therefore, the objectives are distinctly different and this is where the value of pre- insolvency becomes clear.

Bell & Company are based in Belfast with offices in London and Spain. Should any of your clients wish to avail of a FREE initial consultation at this challenging time, please contact Karen immediately on +44 (0)2895 27 373 or visit our website www.bellcomp.co.uk

Settlement examples

A client approached us with issues in respect of a Personal Guarantee of £500,000 on his ex-wives’ borrowings. After a Fixed Charge Receiver was appointed a deficit of £528,000 accrued, thus triggering a call on the Personal Guarantee for our client. Through thorough representation and presentation to the Bank, a settlement of the £500,000 guarantee was made for £35,000 in Full and Final settlement.  *

Our client owed in total €2,350 with security value of €1,000,000. A personal Guarantee of €1,500,000 was called for the impending shortfall of €1,350,000. We assisted the client with a buy-back of some of the security and settled with the Bank on the Personal Guarantee at €80,000 over time. *

A personal Guarantee was quickly settled as our client wanted to move to Australia. An £85,000 Personal Guarantee was settled for £5,500.  Speed was of the essence here and an excellent settlement for our clients was reached. *

*  Documentary evidence available at meetings.

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