Questions & Answers
What are the consequences of unpaid debt on the guarantor?
I guaranteed a bank loan for my company although I'm not a shareholder. The owner guaranteed too but he resides in South Africa.
The South African business owes the UAE business AED 850k and the bank loan outstanding is AED 880k. I am owed AED 1000k in unpaid wages/personal loans to the company.
Can the bank come after me for loan settlement (payments are currently up to date) if there is a default even though I'm owed more than they are?
Dear questioner
As a guarantor, you are also responsible for the bank loan.
Kindly contact us directly on the phone or by email for a detailed discussion.
Hello,
As per your query, you can claim the amount against the company and its manager before the bank files a case against you for the payment.
Please call or e-mail us.
Disclaimer- The above-referred view is not a legal opinion, these opinions cannot be challenged or presented before any court of Law.
