Business, Management and Accounting
2 years ago

Guarantors Risking Financial Ruin by Blindly Backing Others' Debts

Essential Knowledge and Legal Practices for Establishing and Operating Companies in China
Notes for Guarantee for Others
Fang Chen

Paper Summary

The article discusses how guarantees are used to protect creditors when debtors can't pay. Sometimes, people agree to be guarantors for others without fully understanding the risks involved. This can lead to serious financial problems for the guarantor if the debtor defaults.

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