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Jamie-Law
Jamie-Law, Solicitor
Category: Law
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Experience:  Solicitor
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Is a Personal Gurantee contestable when it was made when I

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Is a Personal Gurantee contestable when it was made when I was a director of a company and retired 6 months ago. I gave a personal guarantee as a director. The clause on continuing obligations is not clear and not understood. Please find below the clause. The Provider is Liverpool Victoria. The Intermediary is Prestige Financial House Limited. The guarantors were Boril Wdowczyk CEO and Robert Harries.director4. Continuing Obligations
4.1 The Guarantors obligations of guaranteeing the debts under this guarantee are joint and several and are continuing obligations. This means that these obligations apply in respect of the full amounts of the debt at the time the Provider makes a demand under this guarantee even if , at some other time the amount of the Debts had been less than the amount at the time of the demand.
4.2 A Guarantor shall not be discharged, nor shall his liability be reduced at any time or any other indulgence or concession given to the intermediary or any third party by the Provider or its Group, or by anything the Provider or its group may do or omit to do or by any other dealing, act or omission that but for this provision would discharge or reduce that Guarantor's liability.

Hello my name is ***** ***** I will help you.

Did you ask to be released?

Customer: replied 4 months ago.
I sent an email notice advising Liverpool Victoria of my retirement and closure of all liabilities

ok. But did they confirm you were released?

Jamie-Law and other Law Specialists are ready to help you

I will call shortly, will show as withheld

Customer: replied 4 months ago.
I have asked for release but no response. There are 2 other guarantors namely the firm Prestige Financial House Limited and the CEO Boril Wdowczyk. LV have indicates with a letter before claim but not yet made a claim. Is there any mitigation available if the claim comes 5 months or more after resigning as director. If I accept liability can I insist on the other guarantors paying a fair share of the claim? Robert Harries

no. You are jointly liable.

Customer: replied 4 months ago.
When I reviewed the PG's the guarantee of CEO Boril Wdowczyk was as first guarantor and my guarantee was also as first guarantor. Could it be that my duplicated first guarantor PG did not attach and can be repudiated?Robert Harries

Sadly not.