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Personal Guarantee Write Down?

  • 19-05-2009 7:54pm
    #1
    Horse 24
    Closed Accounts Posts: 2 ✭


    Has anyone had any experience writing down personally guaranteed debt?

    To give some background.

    A personal guarantee was provided by me the director and main shareholder of a company to guarantee overdraft facilities provided to the company by our bank.

    After the liquidation there will be a outstanding balance of €150,000 due to the bank all of which is personally guaranteed.

    This guarantee covers a personal deposit account containing €75,000.They rest of which is going to be very difficult to find.

    I have heard of people negotiating down guarantees with banks but nothing concrete.

    If anybody has had experience of this advice would be greatly appreciated?
    Tagged:


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