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I understand that, but you probably would not sell your house to cover the debt if you could sell the company office first. All the personal guarantee means is that the bank will get paid everything it is owed, even if after stripping the club of all it's assets there is money owed. It certainly...

Club is not at risk directly from the bank, but those shareholders will sell off assets of the club ahead of seeing their personal fortunes raided. They get stuck with the bill if the club can't pay, but the club will be stripped first.