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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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Hi there, My question: Can my partner or his business be

Resolved Question:

Hi there,
My question:
Can my partner or his business be liable for any of my debt? The business is in his name only.
Story:
I had to apply for bankruptcy as I could no longer afford to pay my credit cards.
I sold a flat in 2013 and had about £60K from the equity after fees etc. Since then my partner started his own business and I gave him about £47K in monies owed to him as he paid half the mortgage on the flat I sold. The property was in my name only. The examiner sent him a letter to declare if it was true that I gave him the 47K and also asked to declare if he paid towards electricity, gas and council tax for the period we lived in the property. I am worried they are trying to somehow get him to be liable? Also, I am worried because I paid for between £7 and £12K worth of stock for his retail business at the beginning of the year on my credit cards. He paid some of it back to me in the last 6 months. But am worried the banks can somehow get him to be liable?
Hope it all makes sense.
Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.
Alex Watts :

Hello my name is ***** ***** I will help you with this.

Alex Watts :

Is he guarantor of any sort for your debts please?

Customer: Nope.
Alex Watts : When did you make the transfer to him?
Customer: In dec 2013
Customer: Dec 2013
Alex Watts : When did you go bankrupt?
Customer: Aug 2014
Alex Watts : Ok. What did you owe £47k for?
Customer: He paid 50% of the mortgage and other bills e
Customer: each month. Our agreement was that he pays half
Alex Watts : You have evidence of this?
Alex Watts : The payments etc?
Customer: and take half the profit when I sell
Alex Watts : Is there evidence he pays half?
Alex Watts : Did he pay half the deposit on the property?
Customer: Yes, each month via bank transfer
Customer: The deposit was paid by me but was only 6k
Alex Watts : Ok how long have the monthly repayments been made?
Customer: From day one till the sale of property
Alex Watts :

Ok - it is possible the OR may try and say it was a tainted transfer.

Alex Watts :

That is you disposed of the cash for the sole purpose of going bankrupt.

Alex Watts :

Usually the longer it is between transfer and bankruptcy the harder it is to prove.

Alex Watts :

Here you have a link less than a year.

Alex Watts :

But if you can show payments were made into your account and those payments were made to the mortgage and utlities the harder it is to prove he is not entitled to a share.

Alex Watts :

The other difficulty is the deposit - he did not contribute.

Alex Watts :

This tends to lend towards the view that he is not entitled to an equitable part of the assets.

Alex Watts :

So whilst it is possible to claim it is genuine, there is the deposit issue

Alex Watts :

Can I clarify anything for you about this today please?

Customer: Ok, we had the property from 2006 to 2013 and each month
Alex Watts :

Yes.

Customer: there was a transfer. Regarding the deposit we owed property and a failed
Alex Watts :

But there was no contribution for the deposit. That remains.

Alex Watts :

I am simply highlighting a difficulty you may have.

Alex Watts :

You have the transfers for the remaining period.

Customer: business together before so this could help?
Alex Watts :

No, not at all. Business is separate from personal affairs

Alex Watts :

Does that help?

Customer: Thanks Alex. So to round this up. In your opinion it is fine for us to say yes he contributed to bills for duration?
Customer: Also, there isn't any danger from the banks because I paid for stock for his business on my credit card?
Alex Watts : Yes that is correct.
Alex Watts : Does that clarify?
Customer: Thanks
Customer: will leave feedback now
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience: Solicitor with 5+ years experience
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