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 拢60,000.

Investec demanded repayment of 拢1,839,566 from the company on October 9 2008. Four months later, it demanded 拢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 拢60,049.32, plus continuing contractual interest of 拢8.22 per day and costs.

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