Our Brisbane and Gold Coast commercial litigation team are experienced in all aspects of Guarantees.
Guarantees assist creditors by making others answerable for the principal debts and obligations owed to the creditor. Guarantees can be given by companies or individuals, whether or not they have any relationship with the principal debtor. However, they must be given in writing signed by the guarantor.
Our solicitors have substantial experience with guarantees. We can assist:
- With the preparation of contracts of guarantee;
- With advice in relation to the terms of guarantees;
- Creditors to enforce their rights under guarantees and pursue debts owing by guarantors;
- Guarantors, having paid more than their fair share, to seek Court orders for the fair distribution of the burden of liability between their co-guarantors;
- Guarantors, having paid the creditor in full, to compel the creditor to assign to the guarantor all of the creditor’s rights and security;
- Guarantors to avoid (and creditors to prevent guarantors from avoiding) any liability under the guarantee, for example on the basis that:
- The guarantor was not given an appropriate explanation of the guarantee or the transaction being guaranteed;
- The guarantor received no direct or immediate benefit in return for the guarantee.
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