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Corporate Guarantor Bankruptcy

223 Views  ⚫  Asked 1 Year Ago
asked on Nov 25, 2019 at 04:19
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edited on Mar 21, 2020 at 17:28
 
The current economic situation in our country had affected my business from bad to worst. Our company is still maintaining a good track record on repayment but don't think it will last long. Our worst case scenario is we default our loan and wait for bankers to take action. My worry now is that since we are the guarantor for my company corporate loan, it will affect my personal liability to asset too. My questions are:

1. My wife had a house solely under her name only, while this property loan is under joint name my wife and myself. Will the bank take possession on the property which is still under my wife name? Or will the bank cancel my loan if I am declared bankrupt? Should I ask my wife to refinance it under her name only? 

2. I have a property under my sister and my name. This property is charge to my company corporate loan as collateral. What will happen to this property if I am bankrupt? Should I sell this property to my sister on my 50% shares now? 

Your advice is greatly appreciated.

Thanks.
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