Corporate guarantee acceptance: group-company guarantees may replace bank guarantees subject to management criteria, documentation, and renewal. Specifies that a corporate guarantee may substitute for a bank guarantee under DEEC/EPCG only when executed by a recognised group company and when group status is shown by same-management criteria (common MD/Manager, overlapping director majorities within six months, common control of one-third voting power, or directors holding majority shares). The guarantor must supply a certified register entry, a board resolution authorising the guarantee under company law, and a no-objection from lenders; the guarantee must be valid for two years and renewed or include an enforcement clause, and Customs must be informed of management changes.
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Provisions expressly mentioned in the judgment/order text.
Corporate guarantee acceptance: group-company guarantees may replace bank guarantees subject to management criteria, documentation, and renewal.
Specifies that a corporate guarantee may substitute for a bank guarantee under DEEC/EPCG only when executed by a recognised group company and when group status is shown by same-management criteria (common MD/Manager, overlapping director majorities within six months, common control of one-third voting power, or directors holding majority shares). The guarantor must supply a certified register entry, a board resolution authorising the guarantee under company law, and a no-objection from lenders; the guarantee must be valid for two years and renewed or include an enforcement clause, and Customs must be informed of management changes.
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