Statute of Limitation Period for Personal Guarantee After Business Default NSW

[David H]

I personally guaranteed the repayment of a 12-month business loan in March 2015. Since then, the business defaulted on the loan and has also got deregistered. My understanding, after having read material on the internet is that there is no statute of limitation period for personal guarantors owing - it is applicable only to businesses and individuals who directly contract with creditors. Could someone comment on this please? I have not yet formally heard from the creditor in terms of a demand to pay the debt and just hoping that the 6-year of statute of limitation period is applicable in this case too, starting from the time when the business defaulted on their loan repayment obligation, in March 2016. Thank you.