Page 1 of 1
Posted: Thu Sep 06, 2007 5:57 pm
by allycat
In a situation where the debts are business related debts incurred when in partnership with another persons, would one partner be able to enter into an IVA and how would this affect the other partner's potential liability for the debt?
Posted: Thu Sep 06, 2007 9:29 pm
by mikebdomain
allycat is it a limited company?
FREE ADVICE IS THE BEST ADVICE
LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.
see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf
Posted: Thu Sep 06, 2007 9:40 pm
by MelanieGiles
You refer to a partnerhip. The rules relating to partnership debts are than each partner is jointly and severally liable for the full amounts, unless you have a limited liability partnership.
If one partner entered into an IVA, the other partners would remain responsible for the debts, but a dividend would also be paid under the IVA proceedings, which could be subrogated in favour of the other partners.
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