Makara
Former Member
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- Sep 10, 2010
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Sorry Doc, missed your question with the fast pace of the posts in the last couple of days.
The company World Of Top Step P/L took out a loan for $335,000 (I don't know who from, maybe a bank) and gave a mortgage over the Paradise Point property as security for that loan. GBC and Allison as directors of the company gave personal guarantees ( probably joint and several) for the loan as is normal practice for loans to companies.
So if the sale of that property goes through, the secured creditor who holds the mortgage would be paid out of the settlement proceeds. Then there will likely be no further issue with the guarantee.
Ali, from memory the loan was from one of the other family companies.