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Debt management questions

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Hi folks,

A mate of mine is a partner in a buisness which has stopped trading as they cannot make enough to keep them going due to the recession. The buisness has debts which they are going to clear as and when they can. They have NOT disolved the buisness as they want to clear the companies debts first.

 

Here is the rub though one of the partners in the company wants to go down the debt management route with his own personal loans ( credit cards and loans ) but excluding his half of the debt from the company.

Will he mess up my mate who wants to try and work his way through the problems and clear his debts by himself without outside help or interference.

 

Any answers would be appreciated :)

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Don't think there's any reason why he couldn't do that if it is strickly his own personal debt.

It's very hard when a business is involved, did they sign any agreements with regards to the business ie that they were equal partners etc.,

My son got stung when he and a friend stopped doing trading, son got left with the debts as all the cards etc., for the business were in his name, hope you get the drift of where I'm coming from.

 

DG


I have no legal training my knowledge comes from my personal life experiences

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thanks for the reply

the cards are in the companies name as far as i am aware what i am concerned with is if the partner goes into debt management would he be made to disclose the companies debts as part of his agreement or could he keep that separate as i thought you had to disclose everything that you were liable for, for the debt management to be sorted for you

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