partnership query

C

clzn

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I was in partnership with another guy until we closed and deregisted the business in 2009. We were tradesmen and obviously worked dried up. We are owed money which we know we will never see and we owe some of our suppliers too. One supplier has recently sent a solicitors letter to which i have replied. Both of us are on social welfare and cannot pay our mortgages and daily living expenses. My question is: if our company is closed and we have absolutely no money in the bank account (there is a bank business loan not being paid either) or any spare personal money, what happens about paying off these suppliers. I am very worried about all this while the other guy just shrugs his shoulders. Any advise would be appreciated.
 
Can you tell us if you were partnership or a limited company?

The implications are different for both.
 
In that case, your creditors will pursue you for payment until you come to an agreement or they write the liability off.

Check with your accountant to see if you can avail of "terminal loss relief" to try and recover some of the tax you paid in previous years.

Check your loan agreement with the bank and see if you are both liable for the bank loan.

Ultimately, you'll have to come to some sort of agreement with your creditors and try and pursue people who owe you money.
 
Thank you censuspro. There is one supplier who i pay 20 euro a month to (its supposed to be 10 from the other guy but he never pays). We did ask the bank some months ago to split the loan into 2 seperate personal ones but they refused. Will check with accountant about tax
 
There's a possibility that the bank may pursue one of you for the full amount if either of you are in a position to pay. I'd say that was the reason they wouldnt split the loan as they'd have two bad loans as opposed to one bad loan.
 
But thats just the thing, neither of us have a penny to spare, the only difference between us is that one of us has principles and the other doesnt give a hoot.
 
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