Personal guarantee varies

If it is a good guy guarantee, there is NO recourse against your personal assets. That's when a threat of banruptcy of the company will be really effective. Even if it is a full personal guarantee, paying rents up-to-date is still NOT a good strategy as that basically ties yourself up by the contract, while putting no fears into the landlord. What he needs to do is to get the landlord out of the comfort zone and let him start worrying about all the things you just said. Yes, the landlord has lots of options, but none of them comes without expense. Like I said, to landlord it is more about money than about the law or the contract. But I do agree that finding a local business lawyer is something he should do sooner rather than later.