There is very little help out there for somebody in your partner's position. There may well be firms which specialise in bankruptcy on the debtor side, but I don't know them.
It may well be the case that he needs to declare bankruptcy. Another, usually more attractive, option is to work out a scheme with his creditors. In doing this, he might draw up a statement of affairs, let everybody see what he has and what he can earn, and perhaps agree that over a period of 3-5 years they will all be paid 50c in the Euro (or whatever). In drawing up such a scheme, it is vital to avoid unrealistic optimism - the agreed payments must be at a level that he is sure he can meet them. If creditors see the facts (and believe them) they will be quick enough to accept a settlement like this.
The big problem most debtors have is that they ignore the problem, which never helps.
HI DMTW
Thanks for the update. Unfortunately, it's very confusing and I would worry that readers in a similar position might feel that they can just transfer personal debts to a limited company and liquidate it to avoid paying them.
Brendan
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