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| Shah Alam High Court |
Being
a guarantor, especially to help out a friend in need or family member to kick
start a business or someone you love to purchase a dream home. But one need to
very prepare for the ultimate HEADACHE ….. you; the guarantor need to repay the
loan yourself.
What
happened to Director being the guarantor for corporate loan ? 5 quick check point before you sign on the
doted line.
1.
Is the person who run the company smart,
intelligent, trustworthy and fair ?
2.
Is the loan obtain beneficial for the company
growth ?
3.
Can the company be able to repay the loan comfortably in the next 5 years.
4.
Is the company performance moving uptrend with
secure contract ?
5.
How can the guarantor exit from the guarantee.
Resignation
as a Director of a company does not necessarily ceased to be the guarantor's of
past signed “Letter of Guarantee”. If you are not careful, one will be a
subjected to feeling of betray as well as losing one own asset or hard earn
money.
Today
my case here have to bear and grit his teeth for being ignorance and trusting
on friend.
