My female friend owns a hair and beauty salon however a couple of years ago her husband bought all of her fixtures and fittings off her.
she is in reall bad trouble with spiraling debts out of the business and needs to go bankcrupt.
Her question is can the court persue her husband for any money if all the fixtures and fittings are in his name however all the debt is in her name?
Also they have a house together which is in a joint mortgage (no arrears) can they take the house off them with it having her name on the mortgage and does he automatically become liable for half of all debt with them being married?
The OR can't pursue her husband in relation to the fixtures and fittings if he can demonstrate that he paid for them at value.
He does not automatically become liable for half of all her debt just because they are married, but he would be liable for any joint debt if she went bankrupt.
If there is equity in the property, then the OR would expect to receive half of this, and her husband would be given the opportunity to buy this back from the OR. If the house is in negative equity then he would be able to buy the OR's beneficial interest for £1 plus £211 costs.
husband and wife
Posted - 02 June 2009 : 23:18:24
