2 min read
Resignation and the guarantee
A personal guarantee is a standing promise to the lender. Stepping down as a director does not revoke it. You remain liable for borrowing covered by the guarantee until it is repaid or you are formally released.
When there is nothing to carry
If the company borrowed without a guarantee, resignation is clean — you were never personally liable. Read am I personally liable for the full picture.
What it means for you
Credicorp lends to your company, not to you personally, and takes no personal guarantee. See business loans or apply online.
Frequently asked questions
Can I resign to escape a guarantee?
No. A personal guarantee survives your resignation. You need a written release from the lender, or the debt must be repaid.
What if there was no guarantee?
Then you were never personally liable, and resignation leaves you with no residual exposure to the loan.
Related reading
What happens to a personal guarantee if I sell the company?
Selling the company does not automatically cancel a personal guarantee you have already signed — you stay…
Read →
Am I personally liable for a company loan?
Generally no — limited liability means the company, not you personally, owes the debt, unless you have signed…
Read →
Can two directors both be liable for a company loan?
With no personal guarantee, no director is personally liable — the company is. Where a personal guarantee is…
Read →
Am I liable for company debts as a non-executive director?
A non-executive director has the same protection from company debts as any director — you are not personally…
Read →Funding for UK limited companies
Credicorp lends to your company, not to you personally — short-term working capital with no personal guarantee. See what your business could access.