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Filter: Surety
Prescription and surety don’t always play well together

06 January 2021

Our company is owed money by one of our contractor companies who we helped with finance and provided us with... personal sureties by the shareholders as security for the transaction. They have been making promises that they will pay for some time and we left it, but now we are getting worried about prescription. We are also unsure whether if we act against the sureties, prescription will be halted for the contractor or may continue and we lose our claim against the company itself. Can you advise?

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743
Article
Personal surety under the spotlight with Covid-19

10 July 2020

A year or two ago I asked my sister to stand as surety for me so I could buy a... house for my family. I had a good job and felt comfortable in asking her to do so. She agreed and signed a surety agreement with the bank. With Covid-19 I’ve now lost my job and despite getting payment holidays from the bank, I’m not sure I will be able to make my mortgage instalments. Where does this leave my sister? Will the bank now expect her to repay my outstanding mortgage loan?

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618
Article
Surety and guarantee. Birds of the same feather, or not?

12 February 2019

My wife and I are the shareholders of our family company. We need to buy a delivery truck for the... business and have talked to our bankers who will provide vehicle finance, provided my wife and I, in our personal capacities, bind ourselves as surety and also provide a guarantee for the payment of the debt. What is the difference between a surety and guarantee or is it the same thing?

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544
Article

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