hi ive asked this question on various br sites but no replies so this is my last chance. when i had my business it was a limited co and i was a partner with someone else.we bought vans for the co but had to each give a guarantee for each others van.the finance co for partners van went into administration and seems to have been bought by another bank who now want me to acknowledge this change of owners.at the moment im covered by my br but if i sign could it put the guarantee back to me which i think happens if you sign mortgage co letter that they ask you to sign.hope this makes sense thanks
Hi
I am note sure on the answer so please wait for Melanie or Michael to respond.
I would think that you are covered by your bankruptcy and any liability will fall into this
Regards
Hi Mitsu.
Advise the finance company that you are bankrupt and the guarantee is covered within it. The previous finance company may have been happy for the guarantee to be worthless provided the payments continued on time. This new company may take a different view but as long as the money is received they should not enforce against the van.
I agree you should sign nothing although I doubt if you could become liable for this debt anyway.
As you are now bankrupt - you should let the Official Receiver deal with this. You should not be agreeing or disagreeing anything contractual which could affect the outcome of your bankruptcy.
