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Ask Buachaill Your Own Question
Buachaill
Buachaill, Lawyer
Category: Republic of Ireland Law
Satisfied Customers: 10189
Experience:  Barrister 17 years experience
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Pearl, i am in a tricky situation, i am a director of a

Customer Question

Hi
JA: Hello. How can we help?
Customer: Pearl, i am in a tricky situation, i am a director of a company with no shareholding.
JA: Because laws vary from state to state, could you tell me what state is this in?
Customer: The company is the operating company for a pub (no Shares)
JA: Because laws vary from state to state, can you tell me where the company is registered?
Customer: The building is owned by a partnership - No equity
JA: Have you talked to a lawyer yet?
Customer: I was asked to step in to pull the business around, this is no complete the company is making a profit and there are marketing plans , Purchasing systems ect in place.
JA: Anything else you think the lawyer should know?
Customer: no
Submitted: 3 months ago.
Category: Republic of Ireland Law
Customer: replied 3 months ago.
I Am based in Ireland, Dublin
Customer: replied 3 months ago.
My Question relates to Supplier guarantees that Diageo, Heinekin and BWG forced me to sign to open trading accountsHow enforceable are these and how can i get out of them, the owners of the company used to be directors, but are now refusing to release me, so i am only left with an option to file a b69. I am hesitant to do this due to the supplier guarantees.
Customer: replied 3 months ago.
TO: ***** ***** P.O. Box 1470,Greenhills Road, Walkinstown, Dublin 12. Dear Sirs, In consideration of your agreeing at my request to supply (Insert Co. Name) of (hereinafter called the “Principal Debtor” with goods in accordance with your current price list and terms and conditions of business then prevailing and/or with grants, loans, or any other form of financial accommodation for whatever purpose (hereinafter called “capital contributions”):I/We hereby agree with you as follows: -
1. I/We shall pay you on demand, and hereby guarantee the repayment to you on demand, all monies which may become due to you from the Principal Debtor for all such goods as you may from time to time supply and/or all capital contributions as you may give from time to time to the Principal Debtor.
2. The agreement shall be a continuing guarantee to you for all debts whatsoever and whensoever contracted by the Principal Debtor with you in respect of goods to be supplied and capital contributions given to the Principal Debtor and my liability hereunder shall not be affected by your giving time or any other indulgence.
3.This Guarantee shall be binding upon me or in the event of my death upon my Personal Representative. I reserve the right for myself or for my Personal Representative by two months notice in writing expiring on any day to revoke this Guarantee in respect of all future dealings by the Principal Debtor with you after the expiration of the said notice, provided however, that such notice shall not operate to release me or my Personal Representative from any obligations arising hereunder prior to the said date of expiration.
4.Where the context so admits, any reference in this Guarantee to the singular number shall include the plural number.
5.Where this Guarantee is entered into by more than one person, the obligation and liability of such persons shall be joint and several. I have read and understand the terms of this Guarantee and agree to be bound thereby
Customer: replied 3 months ago.
Hello?
Expert:  Buachaill replied 3 months ago.

1. I regret to say you were very foolish to sign these guarantees, given you had no ownership interest in the company or the property. However, you can get out of the guarantees by issuing a Revocation of Guarantee and serving these on BWG Foods and Heineken and the other parties you have given guarantees to. The Deed of Revocation of Guarantee should be put together for you by a solicitor and you should get that solicitor to formally write on your behalf to each of the parties to whom you gave a guarantee. It is important that this is done properly as the potential liability on the guarantee is large if it was called upon. You can put together a Deed of Revocation of Guarantee yourself from the internet. However, this runs the risk that it won't be done properly. So, for this reason, I would suggest you get a solicitor to assist you.

Expert:  Buachaill replied 3 months ago.

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