This is your inevitable choice as a loan guarantor, and so are laws and regulations. It is a foolish crime to vouch for others. If the money lender takes the initiative to repay the loan, and you don't repay it on time, the accountability will point to the loan guarantor. Don't say that his boss has run away. Even if he is at home, the people's court will not arbitrarily detain their property supply. Only the joint and several guarantee liability shall be investigated and recovered. I paid him back for this black-hearted love rat waste for more than ten or twenty years, but he didn't. He even said that he only owed China, not me.
Why don't people's courts seize their housing supplies? This is because he is the second person who has this obligation. You can only sue with the loan agreement at that time, and the people's court will only exert property pressure on him if the court decides that your appeal is successful. The defendant immediately signed the execution settlement, indicating that he would be jointly and severally liable for the account. In that case, both the person who has broken the promise and yourself have the obligation to repay. Now that the loan guarantee has been signed, there are two ways to deal with it.
One is that you ask the borrower to repay the loan yourself, and the other is that you repay the loan first and then recourse to the borrower. Never vouch for others casually. Although your friend pledged the loan with his own glasses chain store, it is very likely that the financial institution thinks that the use value of the pledge is not great, so it is stipulated that your friend find another excellent person to guarantee the loan. Loan guarantee is simply the execution of loan-guaranteed debt. When your friend can't repay the debt, you have to bear the obligation to repay it.