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Thank you. I entered into a joint venture partnership with my old employer, Vets4Pets. That business was sold to Pets at Home nearly two years ago. Since the take over my business has all but failed and I am at the point of resigning my interest. Unfortunately I signed a personal guarantee for the JV business entire debt, currently at £100k. Looking at the PG I notice that the ______day of 2010 has been left blank. I wondered if this omission could release my guarantee on a technicality. Incidentally, the witness was Vets4Pets legal person.
It would be difficult to argue otherwise. However I was of the impression that I signed a guarantee for bank funding, which at the time. The vast majority of the outstanding dept is intercompany, i.e owed to Pets at Home.
To be fair Jo, it's the answer I was expecting. I will just have to hope that a company the size of Pets at Home won't come chasing me if I leave.... Thanks for your help.
I know the date the PG was signed on, which was the 25/11/2011. Could the PG be relevant to intercompany debt accued before that date? 90% of the debt was incurred prior the PG. Clutching at straws maybe.
"The debt includes all money and liabilities whatever, whenever and howsoever incurred whether with or without the knowledge or consent and whether now or in the future becoming due....." Doesn't sound good
Thanks Jo, I'll have a bash at that. I'll leave you to your evening now. Many thanks.