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High Court, in claim by debtor in bankruptcy proceedings, rules that personal guarantees signed by company directors as arranging debtors to secure loans for the benefit of their company were valid and enforceable, as the various loan start dates began after the guarantees were signed and entered into, and further that the facility letters arranging for the transactions were clear and unambiguous on the need for guarantees and indemnity from the company directors.
High Court - claims in bankruptcy proceedings - scheme of arrangement to develop lands by company as principal debtor - defendant company directors as arranging debtors for loan monies provided by bank on foot of guarantees entered into - facility letters of 2005, 2006, 2007 & 2008 securing loan monies - issues relate to facility letters of 2007 & 2008 only - whether guarantees entered into for the provision of funds now legally valid to recover debt due and owing - whether guarantees founded on a past consideration making them unenforceable - whether personal guarantee was necessary in order for loan monies to be provided to company.
Note: This is intended to be a fair and accurate report of a decision made public by a court of law. Any errors should be notified to the editor and will be dealt with accordingly.
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