Hi question for a solicitor. i sold a business i owned and the company that bought it has now gone into liquidation and still owing me money as well as lots of other people including banks etc i do have a personal guarantee from the director. now i dont think theres going to be any money left in the company and if there is the banks will take it. so what do i do now can i put a caviot over one of the directors properties.
How strong is this personal guaranteeIf the director has very few assets then you won't have a claim to much. If on the other hand, they have a house, car etc then you may have to get in asap to make a claim on their assets.
It is difficult to put a caveat over someones property. You will need an interest in the property and if you are just owed money then this is not enough. You will need to sue the individual who provided the guarantee. Once you get a judgment then you can get further court orders to seize property such as personal items and real property, guarnish wages and/or bank accounts etc.
You will need to talk to a lawyer asap. If the company has gone down it is likely that he may have provided personal guarantees and others will be after his assets too.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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