I am an existing guarantor on company banking facilities for a company I no longer have anything to do with. (that's the short story). For a year now I have been trying to remove myself as guarantor and the current Director of the company has so far not followed through in providing information to the bank to refinance the debt to have me removed.
I wish to point out the the company is currently paying it's debts on time and I have not been called on by the bank to cover the guarantee. I am just simply seeking to have myself removed as guarantor before an event like that is to happen.
Another very important factor is that one of the facilities is an overdraft account. The important thing about this is that the funds are not being used. The company has it's own cash reserves that it is using to trade.
I've now had enough and am looking for legal remedies. Is there a legal avenue that I can pursue to force the current company's director (and co-guarantor) to provide the appropriate information to the bank?
I also note that the very last sentence on the first page of the letter of offer says "These facilities are subject to annual review." As far as I am aware, no annual review has been done. Given that the there is supposed to be an annual review as per the letter of offer and none has taken place, can I force the bank to withdraw all facilities currently not funded (the overdraft)? The bank could then invite the company to reapply without me as guarantor.