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If the company goes into liquidation or the person enters a personal insolvency procedure, e.g.
bankruptcy, the guarantor will have to repay the creditor.
It is adopted where the company is able to pay its debts in full within 12 months after the commencement of winding up.
The directors of the Company are required to file a declaration of solvency.
The rights of unsecured creditors over the company's assets are virtually "frozen" upon the commencement of the liquidation to avoid a further deterioration of the company's financial position and proliferation of its liabilities.