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Partner going bankrupt
welshsheep
Posts: 47 Forumite
Hi, I am looking for some advice.
My husband is considering going BR, reasons - we have recently have to liquidate our business (of which he is the only director), stupidly we did not realise that some of our trade accounts had PG's. We are now looking at around £100k plus in personal guarantees (all associated with my hubby as he was the only director. With this in mind we are considering going bankrupt.
My only issue with this is the house, we have a joint mortgage, we have spoken to a br company today, and they said the yes they they could come after our home, looking for 50% of the equity, which we think is around £25K (50%), the BR company said that I could buy my husband equity off the OR, so I would need to look at paying £25k, after one year.
Is this right? What are the implications as this is really for commercial debt, and not personal.
The reason we are in this situation is large organisations owing us large sums of money, and not paying after 90 days plus, causing obvious cash flow issues.
ANY advice would be gratefully received……..
Cheers
My husband is considering going BR, reasons - we have recently have to liquidate our business (of which he is the only director), stupidly we did not realise that some of our trade accounts had PG's. We are now looking at around £100k plus in personal guarantees (all associated with my hubby as he was the only director. With this in mind we are considering going bankrupt.
My only issue with this is the house, we have a joint mortgage, we have spoken to a br company today, and they said the yes they they could come after our home, looking for 50% of the equity, which we think is around £25K (50%), the BR company said that I could buy my husband equity off the OR, so I would need to look at paying £25k, after one year.
Is this right? What are the implications as this is really for commercial debt, and not personal.
The reason we are in this situation is large organisations owing us large sums of money, and not paying after 90 days plus, causing obvious cash flow issues.
ANY advice would be gratefully received……..
Cheers
0
Comments
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I am afraid you have been given the correct advice and it is a personal debt as he signed PG's taking personal responsibility for the debts.
Who has given a valuation on the house?
When it comes to buying out the OR you potentialy have up to 3 years.
There is some negotiation on price.
Did he pay for his advice?
Please also get him to ring Business Debtline as well https://www.businessdebtline.org/ They will give him free professional advice going forward.BSCno.87The only stupid question is an unasked oneLoving life as a Kernow Hippy0
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