yes I believe there is a partnership agreement however I have not had sight of it. Essentially the nub of the problem is that if my brother pays off the debts of the partnership he cannot sure that his partner will repay his share when his partner sells his house.
Yes I understand about the joint liability..... and this is not the point. the 2 big creditors Lloyds and Santander are getting upset and wanting paid. Their penalties are building up, increasing the debt further. My brother has a buyer for his house he owns, he can pay of the Lloyds loan and Santander mortgage both are (for the purposes of this discussion) the same size @ around £320k each. His business partner is planning to put his house on the market, but if he does not, he will be left with his house and my brother, having paid the debt in full, left with nothing.he could have a fight on his hands top get any m
Sorry - stupid system did not let me do carriage return....... as I was saying, my brothers business partner is planning to put his house on the market, but if he does not, he will be left with his house and my brother, having paid the debt in full, left with nothing. My sister in law has drawn up a schedule and what I'm looking to try and do is to ensure that the 2 partners are going to draw up a properly signed and witnessed legal agreement that resolves to wind up the partnership and resolve the financial matters as laid out in the repayment schedule within the specified / agreed period of time. Is this a realistic course of action? What form should the agreement take?