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UKSolicitorJA, Solicitor
Category: Law
Satisfied Customers: 4312
Experience:  English solicitor with over 12 years experience
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I took over a gym -LTD company 12 months ago investing my

Customer Question

I took over a gym -LTD company 12 months ago investing my entire Army pension and taking over a 15k guaranteed over draught from HSBC. I did all of this without taking legal advice or having a solicitor. The gym hasn’t worked and the over draught is now 19k and the gym will be liquidated. A wealthy entrepreneur is thinking of investing and believes with his legal help, they can free me from the over draught on the grounds that i went into the agreement without legal advice. Now this seems too good to be true, but this entrepreneur is well know and has decades of business success. any help please, thanks

Submitted: 3 years ago.
Category: Law
Expert:  UKSolicitorJA replied 3 years ago.

Did you personally guarantee your company's overdraft?
Customer: replied 3 years ago.

Yes it is personally guaranteed, i cant remember signing anything as such though.

Its not part of the LTD company

Expert:  UKSolicitorJA replied 3 years ago.
Thank you.

You may ask the bank to provide you with copies of all the documentation which you signed.

I cannot comment on what you have been advised by this person but if you have signed a personal guarantee in favour of HSBC for your company's liabilities, HSBC may file a court claim for the money personally against you and enforce it against your assets if it obtains judgement against you.

Your credit record will also be affected if you do not pay.

Hope this helps