We recently invited Joanna Oakey, Director of Aspect Legal to a webinar on the topic, ‘The Legal Challenges of a Growing Business’
Here’s what she said –
The number one common issue isn’t necessarily the one that I see most often, but it is the one that I see when it comes in and can have the most massive impacts, and that’s personal liability. Personal liability, either through your role as a director or through personal guarantees that you have given as a director. It can be a real trap and many businesses aren’t aware of the fact that when some of your suppliers ask you to sign personal guarantees, you don’t have to sign them necessarily.