personal guarantee


in a personal guarantee for pvt ltd company, can the directors property be attached ?
 
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yes, property can be attached. rest depends upon facts of each case.
 
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Retired employee.

The purpose of seeking personal guarantee is to make all directors individually liable and properties of directors are liable in case of default, as they are co-oblligants.

 
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The name itself is Personal Guarantee. Therefore, the properties of the  person who gives such a guarantee, can very well be attached.

 
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Thankyou for reply to all
 
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can parents property be attached
 
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Under normal conditions, the answer is "No".

However, if there was a transfer of property from the Guarantor to the Parents just to avoid the asset being attached, such transfer shall be questioned and the property goes into litigation.

 
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Self acquired property of parents cannot be attached. any tranfer to parents without consideration in order to avoid liability of personal guarantee then property can be attached
 
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Self acquired property of parents cannot be attached. any tranfer to parents without consideration in order to avoid liability of personal guarantee then property can be attached
 
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Retired employee.

Banks are not that foolish to take actions illegally while taking personal guarantee, they must have obtained a statement showing assets and liabilities duly certified by the guarantor, and they will make further check through private detective agency (Third party) and records all assets of guarantor.  Depending on self declaration bank takes further actions, after getting on record the legal opinion, and superior's orders.

 
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