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JGM
JGM, Solicitor
Category: Scots Law
Satisfied Customers: 14737
Experience:  30 years as a practising solicitor.
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Hope you can help. I have just walked away from my business,

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Good Afternoon. Hope you can help. I have just walked away from my business, a restaurant in Braemar. I am in a partnership with my estranged husband and have now left his address with the lease holders. I owe suppliers, rent, Inland Rev everyone. I am 58 years old, would bankruptcy be my only option?

Thanks for your question. I am a solicitor in Scotland. Partners are jointly liable for the debts of the firm. Is your husband continuing to run the business?

Customer: replied 10 days ago.
No. He ran off last January taking everything he could lay his hands on. I managed to keep going but he is now demanding half of the non existent profits and has always refused to transfer the business into my name although it was myself that bought the lease with no ingoing from him.
Customer: replied 10 days ago.
Not yet. Would rather keep costs down at the moment, funds are low.
Customer: replied 10 days ago.
Any further comments would be greatly appreciated.

What assets do you have and how much are the partnership liabilities?

Customer: replied 10 days ago.
No assets. About £8,000 to suppliers. £1250.00 per month until next October, Utilities from the last 2 months for £800 x 2. Plus VAT, accountants fee £1100 and Inland Rev.

If you have no assets then I would not advise a self sequestration. All you can do is write to everyone, explain the position and if any of them seek to take action they can do so but you can explain that there are no assets for them to take. I hope that helps. Please leave a positive rating so that I am credited by JustAnswer for helping you today.

Customer: replied 10 days ago.
Yes, that helps. Thank you.

You’re welcome. Please leave a positive rating so that JustAnswer credits me for helping you today.

Customer: replied 10 days ago.
Great help, thank you.

If you can use the star system that would be good.

JGM and 3 other Scots Law Specialists are ready to help you