Where a guarantor is aware that contemplated security has not been obtained and takes steps that render it impossible for the creditor to obtain that security (such as resigning as sole director and installing a non-arm's length replacement), the guarantor's conduct may constitute waiver or acquiescence displacing the prima facie rule that the guarantee is avoided by non-provision of security. The desire to avoid bankruptcy is not, of itself, a special or exceptional circumstance warranting a stay of judgment pending appeal.
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