Alphashark
Registered User
- Messages
- 9
Dear all,
Say a partnership of family and friends was formed (joint & several personal liability) and borrowed heavily for development.
All assets of the partnership were sold in cooperation with the bank. Multi million debt remaining. All partners under water personally separate to this debt. Some still have personal investment properties with same bank, but in process of selling all. Bank now seeking proposals from each individual.
Partner considering the move has no assets at all, with an irregular income that doesnt cover costs of living.
If one partner files in UK (or elsewhere), what might this trigger in relation to the other partners, and the banks approach towards them?
Kind regards,
A.
Say a partnership of family and friends was formed (joint & several personal liability) and borrowed heavily for development.
All assets of the partnership were sold in cooperation with the bank. Multi million debt remaining. All partners under water personally separate to this debt. Some still have personal investment properties with same bank, but in process of selling all. Bank now seeking proposals from each individual.
Partner considering the move has no assets at all, with an irregular income that doesnt cover costs of living.
If one partner files in UK (or elsewhere), what might this trigger in relation to the other partners, and the banks approach towards them?
Kind regards,
A.