A legal
commitment to repay a debt if the original borrower
fails to do so. Directors may give guarantees to
banks in return for the bank giving finance to their
companies. Companies in a group may guarantee each
others loans.
(Please Note: The
definitions are not intended to be exhaustive
summaries of the Law. They are based on material
from The Insolvency Act 1986 , and other Acts
dealing with this subject.)
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