guaranteeguarantee: in business law, a party’s promise to step into...: in business law, a party’s promise to step into the shoes of another party and fulfil their obligations under a contract, should that other party default; company directordirector: person appointed as an officer of a company, whose... personal guarantees, for example, will require a directordirector: person appointed as an officer of a company, whose... to make good the limited company’s obligations under a contract should the limited companylimited company: in company law, a corporation or incorporat... be placed into insolvent liquidationinsolvent liquidation: the process of winding up a company....