My partners company is about to go bancrupt, owing £100.000. I had no idea things were this bad for him. We both put all our savings into the company to rescue it a few years ago, and so of course we have lost that- I have no connection to the company legally, I just lent the company money. All we have is our house, in joint names with £200,000 of equity. I am so worried that his creditors will chase him personally in some way and force us to sell the house. He personally guarenteed his company bank overdraft, and used a personal credit card for company expenses which is why i am worried- does the fact that he did this imply in some way that he is personally responsible? I am thinking of remortgaging the house in my name only, which is possible, but I would have start again with a 23 year mortgage when we only have 10 years left on our current one. There are 2 other share holders, but they are sleeping partners. If anyone can advise me I would be so grateful. Thanks.
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Help withlimited liability company bancruptcy please
6 replies
helengardenlady · 21/09/2012 17:59
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