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if youve provided a personal guarantee as a director in support of a loan or credit application and your business is now facing financial difficulties it is understandable that you might be concerned about the potential consequences the personal guarantee forms a legal contract between a creditor and an individual within a company used as a security in obtaining some form of financing for the business many commercial lenders such as banks will require an applicant to provide a personal guarantee which certifies that they will be held personally liable if they default on the finance agreement personal guarantees are typically used by lenders to minimize risk when lending to companies unfortunately if your company is insolvent and youre concerned that you wont be able to pay the amount due under a personal guarantee there are limited options available to you in liquidation the court will likely order you to pay the amount due and if you cannot do so you may have to apply for bankruptc