Losses: loans to traders: losses: loans to traders: other conditions
Before relief can be given on a claim, you will need to check that the loan satisfies all the conditions mentioned in CG65934; and, in addition, that
- any outstanding amount of principal or interest has become irrecoverable by the lender from the borrower, see CG66000;
- the guarantor has made a payment under the guarantee in respect of that irrecoverable amount, either to the lender or to a co- guarantor, see CG66010 - CG66012;
- the guarantor has not assigned any rights to recovery; and
- the guarantor and the borrower were not spouses or civil partners, or the guarantor and the lender were not members of the same group of companies, when the guarantee was given or at any subsequent time up to the date of claim. The meaning of spouse, civil partners and group are as given in CG65934.