Personal Guarantee Liabilities called in by Company bankers - Then a Phoenix Company Restructure
How to save huge amounts of tax by not having to pay the guarantee out of after tax income
If a director has given personal guarantees to the Company bankers (or to any other party) and that guarantee is called upon then you may wish to read the pages on this website concerning Individual Voluntary Arrangements (IVA's) and bankruptcy and the other alternatives available to you.
Of more promise - If you have given a personal guarantee to the bankers to your limited company and that company fails and is replaced by a phoenix company we can provide advice as to how to restructure the bank debt guarantee and save you a lot of tax. You do not have to pay the guaranteed amount back out of your own personal after taxed income.