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UK-Justice
UK-Justice, Barrister
Category: Law
Satisfied Customers: 16193
Experience:  Called to the Bar in 2007
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if i put money in to a partners businness so we can servive,

Customer Question

if i put money in to a partners businness so we can servive, how would that work if i became bankrupt 3 monrhs later
Submitted: 3 years ago.
Category: Law
Expert:  Alice H replied 3 years ago.
Hello and welcome to Just Answer.

My name is Alex and I'm happy to help with your question today.

Do you have a partnership agreement?
Customer: replied 3 years ago.

no i did not mean a business partner, i mean a spouse

Expert:  UK-Justice replied 3 years ago.
Thanks for your question. Please remember to rate my answer SMILEY FACE OR ABOVE so that I am credited for my time.

Is it a ltd company or partnership?
Customer: replied 3 years ago.


my business is a sole trader, my wifes business closed 3 months ago. she has a house about to sell and needs to put the proceeds in to my bussiness, then she plans to go bankrupt

Expert:  UK-Justice replied 3 years ago.
Is it a gift or investment?
Customer: replied 3 years ago.


whatever is legal, just so we can continue trading in my name

Expert:  UK-Justice replied 3 years ago.
The problem is this - if she gives you or loans you the money then goes bankrupt shortly after, it will be considered by the official receiver as a tainted transfer.

This means the official receiver can claim the money back.

This can happen up to about 12 months before she goes bankrupt.

That means less than 12 months the official receiver can transfer the money back.

Over 12 months it is less likely to be tainted. Under 12 months it would look as if she was hiding assets.

As such she would need to wait at least 12 months before going bankrupt, otherwise the money could be clawed back.

I am sorry if this is not the answer you are looking for but based on what you have said, this is the legal position.





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Customer: replied 3 years ago.

thank you very much, you have answered my questions well i will use your service again, thanksw, Bill Elvin

Expert:  UK-Justice replied 3 years ago.
Welcome.

Please remember to give my answer a good rating - thanks!





Please remember to click *** OK SERVICE *** or above so that I am credited for my time. The question does not close and you can ask follow ups.

Important: If you feel the need to rate as one of the lower two scores, it counts as negative feedback so please reply to me via the REPLY with any further questions you may have. I will be happy to assist you further.

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