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1. Dear *****, I regret to say that you are still liable under the personal guarantee. This is because there is no onus on a financial institution or any person holding a guarantee to look to their other remedies against the debtor or his property in order to gain recovery of any sum. This means, in practice, that any lender can simply look to the guarantee for repayment and not bother with seeking to sell any property they might have security over.
2. You need to realise that personal guarantees are lethal instruments. They put you under an obligation to repay irrespective of any other circumstances which might intervene. So, the fact that the administrator and the mezzanine finance lender have not done anything in relation to marketing the guarantee does not help you one bit. It does not remove or diminish your liability under the guarantee.
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