In Reply to: re: genuine question posted by jj on April 08, 2009 at 16:50:23:

JJ - partly true however when it came to development land, it has been tax wise more beneficial to have title to the site vesting in a personal name, (20% tax on exit), and the construction through a limited company. On the site there would have been full recourse as lending would have been personally, on the limited company personal g'tees would have been sought, (or cross company g'tees), but again as you point out, some lenders may have taken just limited g'tees on the latter on the strength of the former.
Needless to say it will be some mess to sort out.