Sameer Karim
Senior Partner & Solicitor
12 April, 2011

Did you know that any business transactions that you engage in with a Company or partnership with limited liability may leave you exposed and in debt?

Doing business with a Limited Company or limited liability partnership is only worth how much the company is worth.If the company is going through financial difficulties or has to be closed down then you may be left with money owing and you may not be able to do anything about it.

Secure yourself and your business with a Personal Guarantee.

What is a Personal Guarantee?

A Personal Guarantee is a secured promise from an individual or individuals to make payments when the business is not able to do so. The promise is usually backed up by an asset for example: a personal residence.

We at Douglas Wemyss Solicitors advise that you obtain documented personal guarantees from one or more directors of any Ltd company that you have dealings with. Therefore, in the event of a dispute or debt recovery matter, you will have protected your business by having a personal guarantor to pay any sums owed to you; otherwise you are leaving yourself exposed and your business at risk of a downfall.