partner entering into an IVA, will I be liable ?

[treven]

I was in partnership with a friend, the partnership ended and all monies settled, he has now come back to me saying I still owe money (which I do not) and that he is now entering into an IVA and I will liable. Is this the case.

[Jo Rolland]

By partnership, do you mean as in business? If this is the case and the partnership owes monies to other parties, all partners are liable.

Jo Rolland
Debt Alternatives
www.debtalternatives.co.uk

[Andrew Graveson]

Hi treven,

I'm not a legal expert.

As you state that all monies were settled it sounds to me as though this might be a civil dispute between your ex-partner and yourself.

If you have a legal responsibility for the debts that your ex-partner is entering into the IVA the position might be different.

Andrew Graveson
Independent Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk

[MelanieGiles]

Were final accounts drawn up for the partnership and all liabilities paid? Has the partnership been formally dissolved, and if so - did either of you have negative capital or current accounts?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp