IF WITHIN A PARTNERSHIP ONE PARTNER BORROWS MONEY TO KEEP A BUSINESS AFLOAT WITHOUT TELLING THE OTHER PARTNERS (THE PARTNERSHIP STIPULATES AGAINST THIS) AND WE ARE DECLARED BANKRUPT ARE WE AS LIABLE AS HE IS EVEN THOUGH IT WAS TO KEEP THE BUSINESS AFLOAT.
if it was taken out in the partnership name, then you will both be liable, if the other partner has committed fraud then that is a matter for the police/courts
I agree with debtinfo. If the partnership stipulates this then you may face some searching questions I would imagine - Does the partner know the position now?
As debtinfo has said - it may be a matter for the police to deal with
Whatever happens, good luck and come back here to share experiences and seek advice and support - the answers are on this form, believe me!
If within a partnership one partner borrows
Posted - 20 August 2009 : 23:51:39
