What is a Personal Guarantee?
Personal Guarantees are personal assurances of payment that are often required by suppliers, prior to them providing credit to customer companies. A personal guarantee is a legally enforceable agreement that means that if a customer company that has entered into a contract fails to meet its financial obligations, the personal guarantor (usually the company director(s) or any person who signed the guarantee) becomes personally liable to repay the debt.

Are Personal Guarantees enforceable?
Yes, personal guarantees are legally enforceable. This means that if the company that has entered into a contract and fails to pay its debt, the guarantor (being the company director/s or any other person who signed the guarantee) becomes personally liable to repay the debt.

What are the risks of a Personal Guarantee?
Giving a creditor personal guarantee exposes your assets to being available to satisfy your company’s outstanding accounts. Quite often, company directors are not sure whether or not they have signed personal guarantees and it’s only when their business is descending towards insolvency that these types of issues gain prominence. Always exercise caution and consider the implications of every document you sign. In particular, we recommend that you should seek competent professional advice before signing any order that requires a personal guarantee.

Dealing promptly with your problem
If you are experiencing financial stress as a consequence of having signed a personal guarantee, doing nothing can make your problem much worse. If necessary, TAP can act promptly in assisting you to determine the extent of your liability and if necessary negotiating a settlement with your creditor. Call us anytime for assistance on 1300 518 070.

We Specialise In Eradicating Financial Problems. Now Let Us Help You.

Are you feeling completely overwhelmed? Do you feel like there’s no hope for the business you’ve poured your heart, soul and savings into? Does it feel like you’re alone, battling against a horde of creditors and unpaid bills?

Well, we’re here to help. We want you to know that you’re not alone and there IS hope. At Turnaround Professionals, we specialise in saving distressed businesses all around Australia with fast, workable solutions to eradicate your financial problems and get you back on track.

About To Give Up Hope On Your Business? It’s Not Too Late.

The symptoms are always the same. You put more and more work into your business to no effect. You work longer and longer hours and yet the bills keep piling up and every phone call makes you jump, wondering if it’s yet another person asking for payment. But the thing is, the problem isn’t your product or service. More hours aren’t always the fix.

There are simple, concrete steps you can take with the financials of your business that will make a world of difference. What you need isn’t to work harder or to stress more. What you need is solid financial and business advice to help you pay down your debts, streamline your business and start making profit again. And that’s where we can help.

Here’s How We’ll Bring You Back From The Brink Of Bankruptcy:

Your own specialist financial distress team working to get your business back in the black and to turn your life around.
A realistic action plan customised for your unique situation which we will help you implement to slash your debts, trim excess costs and get your business profitable again.
Efficient strategies to help you and your family deal with the financial and emotional stress during this difficult time that will get back your quality of life.
Fast, workable solutions for any kind of financial problem that will help you get back on your feet in the shortest time possible.
In-depth finance analysis to unlock money from assets you never knew you had – so you can pay off those debts and stop stressing about unpaid bills.
Clear guidance in the case your business has to be closed, that will make sure you have the softest landing possible that minimises the impact on your family and quality of life.

REMEMBER! When facing bankruptcy every second counts. What you do in the next 24 hours could very well determine the fate of your business and quality of life. Simply fill in the form below and one of our specialist financial distress business coaches will get in touch with you right away.

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