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ARTICLE · 28 DECEMBER 1995

Guaranteed or Not?

European Federal Credit Bank Limited
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IrelandEmployment and HR
Johnny Johnson
Johnny Johnson

A recent decision in Ireland emphasises for directors and creditors of Irish companies the importance of ensuring that the written terms of a guarantee properly reflect the liabilities agreed to be assumed by the guarantor if the guarantee is to be upheld.

In the decision two individuals executed a joint and several guarantee of monies due by a company in which they were the controlling shareholders. The guarantee was limited to IR£155,000 and stated that it was "binding as a continuing security on the guarantors". However, the guarantors submitted that the guarantee was not intended to be a continuing security but had been created to deal with a particular transaction and was intended by all parties to relate to that transaction only.

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