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het2uk
Starting Member
2 Posts |
 Posted - 14 March 2009 : 22:41:47
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HI, me and my business partner bought a leasehold shop in dec 2008, i have realised that its making a loss. I dont want to put any more money into the shop, but fear that any savings that i have will be taken if/when the business fails. My wife also has savings from a sale of a joint property a few years ago, how will these be affected. My business partner does not have any assets. We took out a business loan of £96000, i invested £52000 and my partner invested £15000 which was from a personal loan which his parents took out. I have been advised that if i was to come out of the partnership, that i would still be liable for the business loan. But i have also been advised that my partner can take full responsibility for the loan. Please advise me on how best to protect what savings i and my wife have left.
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 14 March 2009 : 22:45:42
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Hi and welcome.
I don't know the answer to your question I'm afraid, but didn't want you to think you were being ignored.
One of the professionals will probably be along tomorrow to give you advice.
The glimmer gets brighter all the time
Jan
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John
New Member
United Kingdom
73 Posts |
Posted - 15 March 2009 : 19:01:54
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Hi
if your wife has no interest in the business her savings should be safe.
Your savings will be claimed if the business fails and if you have equity in your property then that will be at risk too.
John White
England Jackman & Spacey |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 15 March 2009 : 20:35:59
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Hi
this is obviously a delicate and complicated case.
I would strongly urge you to speak to one of the experts on the site "off line" to have a long free discussion about the position, the risks and the alternatives.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
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het2uk
Starting Member
2 Posts |
Posted - 25 March 2009 : 23:05:26
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Thanks for the replies,
Paul do you have anyone specific in mind to contact, should I contact someone at Revivauk?
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 25 March 2009 : 23:30:55
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Hi
you are always welcome to call us and discuss the situation.
would be delighted to talk to you personally if you like
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
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Topic |
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HI, me and my business partner bought a leasehold
