Legal Question in Credit and Debt Law in Florida
Can an employee of a corporation be held liable for a signed "personal guarantee"?
A corporation that I worked for until recently has become insolvent and is now going through bankruptcy. I was a salaried employee with no ownership; I was not an officer or director. In my capacity as Production Manager I was required by the president to purchase materials and parts for the corporation. Some of the credit applications required by vendors contained "personal guarantee" language. I signed these with my name and title in the corporation indicating that I was signing for the corporation and not me personally. At the time I was told that this covered me personally under the veil of the corporation.
Four months after the company closed its doors I now have a collection agency claiming that I personally owe a debt incured by the corporation as a result of an application. I have heard of shady and underhanded tactics used by these agencies attemting to scare people into paying debt that they do not legally owe and am suspicious. Am I covered under the veil of the corporation or could they come after my personal assets?
Respectfully,
Jason
1 Answer from Attorneys
They can come after your personal assets if the application had a clause that they could. Obviously, I think you know now that your should never have signed what you did. You might want to sue your employer, but then again, it sounds like they have not assets.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
