Help with Bankruptcy and partnership terms

Mike_St_Helens

Hello all... Hope someone can help me with this.

We both made an appointment for 3rd Nov, for us both to be made BKY, However whilst filling in the forms online today, I called the IS for some info. As we had a business that ceased trading 01/06, we DO have joint debts that were business related and are/were part of our business partnership.

The debts are business related and one is for a supplier. We have now been told that we have to apply for partnership bankruptcy now, we cannot apply for the normal bankruptcy as we have joint business partnership debts , we cannot apply online, however there is now only one fee... Which is nice...

Can anyone expand on what this all means, Ive called the court but there is no one there now... I beleive we need new forms etc etc

Please help I just dont know ehere we stand.

Thanking you all....

Mike

Richard_S

Hi Mike,

I've found the https://www.insolvency.gov.uk web site really useful and the link below deals specifically with partnerships.

http://www.insolvency.gov.uk/guidanceleaflets/dealingwithdebt/howtowindupapartnership.htm

We also consulted with a couple of insolvency experts (their initial consultations were free) and then took our own action based on what they'd told us.

Sounds as though you're almost there, good luck,

Rich

Mike_St_Helens

Cheers Richard, So by reading that it is exactly the same as normal Bankruptcy but is simply called something else, but includes the debts that the business incurred as well as our own debts ?

Do you know if it is treated any differently, ie IPA's, etc etc

cheers