Hello My Ex buiness partner went bankrupt she did not declare our business assets also a car worth £6.000 sold it to her brother for £ 2.000 She now says she has a claim on all business goods has she the right she is in a partnership at a cafe
well the first thing is you should inform the OR in her case, She has no right to the partnership assets at all.
The OR may be interested in her share of the business, you will have to "account" to the OR for her share. What this means is that you look at all the assets and all the liabilities of the partnership to see if there is any equity and her share goes to the OR, if there is no equity then the partneship is just disolved and you can continue as a sole trader
Hello My Ex buiness partner went bankrupt
Posted - 17 February 2011 : 12:33:59
