Bank is pursuing me and fearing my indemnity will be worthless I would appreciated advice.

[Stephen.m]

I was involved in a family business and had a personal guarantee in place from 2007. I left the business a few years later. I transferred my shares to a family member and was indemnified against any future liability from the company. After I left the company the family member borrowed money and secured that against his property. Subsequently the bank pursued the family members property however relinquished the charge as they deemed there was not enough equity in the property. The bank have since fallen back on the guarantee I provided in 2007. I have therefore called on the indemnity that I had draw up by a solicitor against the family member I transferred the shares. I have since been told that the family member has taken advice and is considering an IVA. I would appreciate some advice on where I stand as The bank are pursuing me and I fear my indemnity will be worthless because of the potential IVA.

[Adam Davies]

Hi

I think you need to seek legal advice on this matter. Your liability with the bank may stand and you may have a claim against your family member in their IVA, although this will probably only return a small part of the money claimed

Regards