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Bibby Financial Services Ltd | In {{casenote|Bibby Financial Services Ltd|Magson}} [2011] EWHC 2495, Bibby offered an invoice discounting facility to a company and, as security for amounts due to Bibby, two directors of the company gave personal {{t|guarantee}}s and [[Warranty|warranties]] in respect of sums due. | ||
The company defaulted. Bibby sought to enforce the personal guarantees. | The company defaulted. Bibby sought to enforce the personal guarantees. | ||
The directors argued that neither the personal [[guarantee|guarantees]] were | The directors argued that neither the personal [[guarantee|guarantees]] were binding because they were executed as [[deed|deeds]] and, while all signatures had been witnessed and the documents had been handed over, the documents had still not been [[Deliver|delivered]]. | ||
The directors’ personal {{t|guarantee}}s, even though signed and witnessed, were not in a final form: Manuscript amendments had been made with the intention that clean versions of the documents would be prepared incorporating the amendments, which would then be circulated and signed again. | The directors’ personal {{t|guarantee}}s, even though signed and witnessed, were not in a final form: Manuscript amendments had been made with the intention that clean versions of the documents would be prepared incorporating the amendments, which would then be circulated and signed again. | ||
At trial the directors’ argument won and Bibby could not enforce the documents as they had not been delivered as {{t|deed}}s. | At trial the directors’ argument won and Bibby could not enforce the documents as they had not been delivered as {{t|deed}}s. | ||
Blimey! | |||
{{seealso}} | {{seealso}} |