Can I get out of a personal guarantee?

[Stu1978]

Pezza54 they used an insolvency practitioner, I believe it was a voluntary liquidation.
The business didn’t survive Covid. They did tell me that they were appointing a liquidator (which was a couple of years ago) and that there was no money to pay the creditors and that the personal guarantee would likely be called in.

I briefly spoke to one of the directors because I asked them to speak to the bank about the personal guarantee and they said that the liquidator had finished liquidation and investigations, so I believe no wrongdoing was found on their part. On companies house it looks like it was dissolved a couple of months ago.

[Pezza54]

Yes you are right. The insolvency practitioner should carry out a thorough investigation over the last 3 years of company trading. That's the theory. I can't say whether or not it happens in practice in every case.

[Stu1978]

Pezza54 so if they didn’t find any wrongdoing is it unlikely that I can argue that they did at this point?

I have read about fraud being a time-barred issue if I want to make a claim, do you know anything about that?

[Pezza54]

Not unless you are personally aware - bought or leased expensive company cars in their last 2 years of trading

6 year limitation period for fraud claims

[Stu1978]

Pezza54 I’m not aware of the state of the accounts in the last 2 years as I was not involved at all by that point.
it’s passed 6 years now, can I argue that I didn’t know?

[Pezza54]

Search for the latest company accounts at Companies House Register. They can be slow to remove dissolved company details. Some companies provide details of assets purchased such as company cars and contributions to director's pensions
When I wrote 6 year limitation period I was answering your question about fraud (by the directors), not you signing as guarantor