Hi
I am a partner in a LLP which is performing badly with debts rising - £25k overdraft and about £20k owed to creditors (one of these creditors is the landlord and this debt of £10k is arrears against a lease which is in my name solely and this runs to September 2012). I also owe about £40k personally
You really need to take advice as to your personal position and that of the partnership as a matter of priority. You will get limited liability towards the partnership's debts, apart from those you have guaranteed personally, however if this business is failing and it provides your main source of income you will need to also consider job opportunities outside of the business.
I suggest that you give an IP who has experience of dealing with personal and partnership debt a call in order that you can chat throught the options available to you.
