Stephensons Solicitors LLP Banner Image
Stephensons Trustpilot stars
Based on count 1315
View all reviews

Personal guarantees

Personal guarantees are often requested when starting a business or forming a limited company. They ordinarily mean you promise to pay the business debt should it fall in to financial difficulty be unable to pay. 

Our specialist lawyers can support clients when a personal guarantee is enforced by a lender. As legal professionals we can advise you on the implications of your personal guarantee before you sign to ensure you fully understand its terms. We can also become involved if a lender demands repayment under such guarantee to consider the validity of the agreement and any avenues for challenge.

For advice in relation to any aspect of a personal guarantee speak to our legal team on 01616 966 229 or complete an online enquiry form and we will contact you directly to discuss your situation.

Coronavirus Business Interruption Loan Scheme - advice to owners and directors providing personal guarantees - find out more

   

loading staff

Personal guarantee advice

Stephensons has a team of specialists experienced in the recovery of business debts by way of personal guarantees and have successfully assisted guarantors in reducing their liability. A high percentage of all business loans and banking facilities are now backed up by a personal guarantee. 

Advice should always be sought before a personal guarantee is entered into. Our commercial team can provide the advice and practical assistance required before the documents are signed.

It is not only major lenders or financial institutions that are seeking to secure their position by obtaining personal guarantees from directors. The use of personal guarantees is becoming more common with trade bodies. If your business has problems with late payment by limited companies, it may be worthwhile seeking a personal guarantee from its directors. Stephensons have legal expertise in preparing personal guarantees to ensure the agreement is clear and enforceable.

4.6out of 10
4.6 score on Trustpilot Based on count 1315

We're Great

It is our business to deliver legal services that work for our clients, and you can trust our specialists to take care of things on your behalf.

Our Trustpilot reviews

Commercial forfeiture restrictions extended

On 16 June 2021, the government announced that the restrictions on commercial forfeiture for unpaid rent arrears has been extended until 25 March 2022. The restrictions, which have been in place since 26 March 2020, were due to be lifted on 30 June 2021....

Read more

Twitter commercial

@CommercialLLP

Financial infidelity - don't let money secrets ruin your relationship

National survey reveals how truthful UK adults are about money matters with their partner. Almost a third (32%) of UK adults had little to no trust* in their most recent partner when it comes to financial matters. More than a third (38%) of UK...

Read more

Commercial reorder

  • Jonathan Chadwick
  • Louise Hebborn
  • David Baybut
  • Kate Bullen
  • Chris Graves
  • Alistair Gregory
  • Philip Richardson
  • Julie Ball
  • Paul Davies
  • Julie Hunter
  • Adam Pennington
  • Andrew Whitehead
  • Jessica Charnock
  • Sophie Chilstone​​​
  • Gillian Cooke
  • Laurence Searle
  • Martin Haisley
  • Terri Meehan
  • Neil Marshall
  • Declan Gilroy​​
  • Matthew Smith