Property developer Stuart Barnett is facing a legal battle after guaranteeing to personally pay back money lent to his company.
Barnett is a director at developer Wherry Road Developments (Norwich). In September 2006, when Investec Bank provided a loan to the company, he agreed to guarantee the obligations - including money, liabilities, costs and expenses- up to £60,000.
Investec demanded repayment of £1,839,566 from the company on October 9 2008. Four months later, it demanded £60,000 from Barnett, but he failed to do so.
The bank claims Barnett breaches the terms of his guarantee and, as such, is demanding a total of £60,049.32, plus continuing contractual interest of £8.22 per day and costs.