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UK-Justice, Barrister
Category: Law
Satisfied Customers: 16193
Experience:  Called to the Bar in 2007
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Hi, I am a company secretary of my fathers private ltd company.

Customer Question

I am a company secretary of my fathers private ltd company. His bank have asked me to countersign guarantees against other businesses for a past loan. I have given the guarantees to the business accountants for advice and I am awaiting their response. However, the bank are pressing me to sign ASAP, calling me everyday, offering to come to the house etc, before I have recieved advice. Is there a legal time span that these guarantees have to be signed by. Up until this time I have had no dealings with my fathers business. I am an Assistant Head Teacher and not familiar with business banking. I would really appreciate some advice.
Submitted: 3 years ago.
Category: Law
Expert:  UK-Justice replied 3 years ago.
Thanks for your question, I will do whatever I can to help you. Please remember to rate my answer SMILEY FACE OR ABOVE.

This is in respect of a historic loan?

When was the loan signed?

I assume it is being paid?
Customer: replied 3 years ago.

Yes it is a historic loan - I believe one that consolidated some time ago. He currently has assets up for sale in order to reduce it.

I would have to find out when it dates back to, as I'm not sure.

Yes the loan is being paid. I believe the bank put charges on some of his business', in the past and they didn't check who needed to guarantee them - I believe the security they must have had possibly not legal? My father is 77 and was diagnosed with the first stages of dementia, 3 years ago.

Customer: replied 3 years ago.

Did you receive my last message


Customer: replied 3 years ago.
Relist: Incomplete answer.
Customer: replied 3 years ago.

I'm sorry - but did you get my last message?

Expert:  UK-Justice replied 3 years ago.
There is no time limit.

But if you don't sign then you can not be personally liable,

If I was you I would not sign.

There is no legal time limit.

The bank are within their rights to call as they want to make sure they have some security.

I hope this helps.

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UK-Justice, Barrister
Category: Law
Satisfied Customers: 16193
Experience: Called to the Bar in 2007
UK-Justice and other Law Specialists are ready to help you
Customer: replied 3 years ago.

Thank you, XXXXX XXXXX

Expert:  UK-Justice replied 3 years ago.

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