Transferring an equipment lease

Discussion in 'General Business Forum' started by gprovan, Jun 14, 2019 at 12:38 PM.

  1. gprovan

    gprovan UKBF Newcomer Free Member

    9 0
    Is it generally possible to remove my name from an equipment lease leaving the existing signee (with their permission) as the sole signee?
    I'm leaving the company and don't want these chasing after me when I'm gone.
     
    Posted: Jun 14, 2019 at 12:38 PM By: gprovan Member since: Dec 21, 2011
    #1
  2. Mark T Jones

    Mark T Jones UKBF Big Shot Full Member

    3,012 853
    Was this a partnership or limited company?

    If the latter I presume you were a guarantor?

    In either case, the answer will ultimately boil down to getting agreement from the lessor.
     
    Posted: Jun 14, 2019 at 1:09 PM By: Mark T Jones Member since: Nov 4, 2015
    #2
  3. The Byre

    The Byre UKBF Ace Free Member

    8,503 3,291
    Which is Mark's way of saying 'No!'
     
    Posted: Jun 14, 2019 at 3:32 PM By: The Byre Member since: Aug 13, 2013
    #3
  4. Mr D

    Mr D UKBF Legend Free Member

    14,176 1,553
    If you are a guarantor and someone else is willing to stand as guarantor and passes whatever requirements lease company has - then maybe.
     
    Posted: Jun 14, 2019 at 3:35 PM By: Mr D Member since: Feb 12, 2017
    #4
  5. Mark T Jones

    Mark T Jones UKBF Big Shot Full Member

    3,012 853
    Not entirely. It really depends on how much emphasis was on the OP’s support.
     
    Posted: Jun 14, 2019 at 4:38 PM By: Mark T Jones Member since: Nov 4, 2015
    #5
  6. obscure

    obscure UKBF Ace Free Member

    2,833 659
    Possible? Yes?
    Probable? That's a whole different story.

    If the company gets into trouble the lessor currently has two people it can chase personally for the money. Obviously I haven't seen the lease but there is a good chance the guarantee includes a clause that it is "joint and several liability". Meaning that if the company can't pay and the other person can't pay they can chase you for the whole amount, which makes their life easier.

    Not much reason why they would want to release you.
     
    Posted: Jun 15, 2019 at 4:11 AM By: obscure Member since: Jan 18, 2008
    #6