A few years back I signed a personal guarantee for a loan I received from a non bank institution. The money was lent to a company I set up but it subsequently failed and all funds including personal funds and borrowed funds were lost. I have since started another business which is going reasonably well. Legal proceedings have been initiated against me personally for repayment of the funds which I dont have. Any income I have is going to repay bank loans which originated from the Celtic Tiger period. These loans have been restructured recently and I must deal with them over the next 10 to 15 years. Currently I have €100 per week surplus cash to live on etc.
Will legal proceeding be limited to me personally in terms of a court judgement or can the creditor go after the company that I have set up which is trading successfully?
Will legal proceeding be limited to me personally in terms of a court judgement or can the creditor go after the company that I have set up which is trading successfully?