Business Loan two guarantors one now bankrupt

Stuboy

Registered User
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140
Advice please,
I am a bankrupt. I had a business loan (company dissolved) with UB. Myself and business partner both signed as guarantors. Business failed and he agreed a repayment structure for his half of the debt (not sure if it was formal agreement for only half or not, I've asked him to look up his contacts with them) I went Bankrupt and included them on the form for the whole amount. He has paid the 3.5K and has now stopped his standing order. he received 4 calls from a private number today, no message left. He presumes it is them. Is he liable for the whole amount even though they have been included in my bankruptcy as a creditor?
 
Most personal guarantees are Joint & Several, i.e. if one party does not pay the other party has to pay. Your partner should check the guarantee, and if it is Joint & Several, then he is liable for it (assuming of course that the guarantee itself is legally enforceable.)

Jim Stafford
 
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