Personal guarantee and liability for debts

We need to know more details on your matter relating to personal guarantee and the details of debt that need to be paid on behalf of your father.

Can you please share more details of your question / matter to enable us to advise more precisely on info@pmealc.com.

As regards personal guarantees, it all depends on the approach of the bank and the credit worthiness of the individual offering the guarantee. Most banks in the UAE will prefer a guarantor to be in the UAE for enforcement purposes.

Parents are liable for their own debts unless their children step in and officially act as guarantors or such children are directors and shareholders of a family business jointly with their parents, they all become liable for fraudulent acts and debts of the company depending on the level of wrongdoing.