Understanding the Role of Personal Guarantor Under IBC: A Key to Financial Resolution
Ancoraa Resolution21 Sep, 2024Finance
A personal guarantor under IBC is an individual who offers a personal guarantee on behalf of a corporate debtor. This means that if a company defaults on its financial obligations, the personal guarantor becomes responsible for repaying the debt. Personal guarantees are often provided by business owners, directors, or other individuals closely associated with the corporate debtor.
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