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Hi - any advice would be appreciated please.
I took out an asset finance agreement to buy some commercial catering equipment that I wanted to provide on a long term rental basis to a customer for their new restaurant.
The customer has defaulted and is behind with payments - upon further investigation it seems he has an existing bankruptcy order - he did not make us aware of this when signing the agreement (the contract value is significantly more than £500).
Is there any possible legal defence for me to try and get out of my personal guarantee with the lender?
I only took the finance out specifically to provide this equipment.
I fully acknowledge that I have been stupid and naive and obviously should’ve carried out due diligence before signing the contract but I can’t go back in time - any help or advice would be appreciated.
Thank you
I took out an asset finance agreement to buy some commercial catering equipment that I wanted to provide on a long term rental basis to a customer for their new restaurant.
The customer has defaulted and is behind with payments - upon further investigation it seems he has an existing bankruptcy order - he did not make us aware of this when signing the agreement (the contract value is significantly more than £500).
Is there any possible legal defence for me to try and get out of my personal guarantee with the lender?
I only took the finance out specifically to provide this equipment.
I fully acknowledge that I have been stupid and naive and obviously should’ve carried out due diligence before signing the contract but I can’t go back in time - any help or advice would be appreciated.
Thank you
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