Leaving a company as director with director guarantees.

[Maverick007]

Have just resigned from the company I was a director of (myself and one other director).


There is a company car and also some capital equipment which we had to provide personal guarantees for due to a below average credit score.


What happens now that I am resigning as a director of the company? i.e if the remaining director defaults on payments for one or both items, can the leasing company still come after me personally as I was on the original personal guarantee documentation, or does resigning as a director of the company get me out of any financial liabilities that may arise?

[Maverick007]

thanks for the replies guys.


the car is remaining with the company but I will still be liable for it if payments are not met I guess.


if I try and get out of both guarantees, what happens if the loan company don't want the risk of having just the remaining director as a guarantor?

[Maverick007]

thanks for the replies


I pretty much thought as much.


annoying, but not much I can do about it I guess.