my name is ***** ***** I will help you with this.
Do you mean someone else is trading in your name, or you sold the business?
Was it a Limited company?
Did the company have a name? Look at Companies House: www.companies-house.gov.uk/info
Ok - when the business was purchased were you a sole trader?
Ok - were you ever a Director?
So you were never a Director?
Ok - if you are not part of the business and it was NOT a limited company then you were a partnership
This means you should have written and dissolved the Partnership, thus ending your liability
If you did not in theory you are 50% liable debts or profits incurred.
Sadly therefore when you go and see the bank they may only release you if you pay the debt off
But if it was a partnership (not limited) you needed to formally write and dissolve it
If you did not do this I suggest you do it now
Can I clarify anything about this today please?
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Yes. You just say you are dissolving the partnership, that is it
Does that help?
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They may or may not. You can simply ask to close the account.
You may need to pay off the debt to close it and then chase your ex partner debt and maybe issue proceedings./
Can I clarify anything else? If not, could I ask you to rate please?
Maybe, but I am not an IVA specialist.
Yes you can do that.
Negotiate and close.
That protects you.
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