Firstly, can a bank remove me as a guarantor from a commercial loan at the request of other guarantors without my signature?
Sure. Being a party to the loan (a "borrower") and being a guarantor
(somebody upon whom the bank can call when the borrower(s) don't meet their obligations)
are quite different things.
Secondly, Tim I don’t quite understand your reference to being a “liquidator”.
Put simply, this business is probably doomed.
That means it will go from operating, to Administration, to being in liquidation within a very short space of time.
That means that you will take your turn for whatever you are owed (such as but not only employee entitlements, unpaid pay and commissions, and any capital you have invested without security).
You won't be the liquiidator. You'll be one of the (unsecured?) creditors.
See it coming now, and start getting ready.
At least if you are not a guarantor, you won't be asked to pay other people's debts.
This business I have been removed from and I am now
just a share holder of, with no yearly dividends ( money hidden everywhere ) refuses to payout my share holdings. Additionally I am owed money, LSL payout etc.
Being an employee, being a shareholder, and being a guarantor of a loan are three separate heads of interest. Each carries with it separate rights and responsibilities.
The two things you want to avoid being are a guarantor, and/or a partner.
This is because both of those carry responsibility for debt.
Be especially sure that you are a shareholder and not a partner
I have been advised I cannot recover, as I am a share holder and I cannot sue them...
That's pretty unusual advice. Says who?
To Rod, Thank you.. Yes being removed as a guarantor is a good thing and my residential property has been removed as a guarantee against the business loan, (although one of the 3 is still a guarantor of my homeloan), however as I am not a Director and I was, I believe Directors loans have been accrued to me without my approval and all requests to view financial movements have been denied. These Director 7A loans have been attached to me whilst the other three have none? I was not wanting my guarantees to be removed until other financial matters were resolved. The “bank” has inadvertently sided with the other 3. Now, I see my position as severely weakened and numerous Director loans coming my way.. Additionally, no payout for my share holdings.
As ever, there is obviously extensive back story to your original question.
This is not a DIY situation. You need the advice of a lawyer and an accountant of your own choosing, and without further delay.
