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But, Anon. 1.48, isn't it the exposure to unlimited liability which concentrates the mind? I agree with your general proposition that neither format guarantees competence, but knowing you might lose your home does tend to make you think hard before going to the bank for £380m. And what security does the bank have, if any? Personal guarantees? If not, then why not?

As the old saying goes'You owe your bank £1,000 and you've got a problem. You owe the bank £1m...and the bank's got a problem'.

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