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Ex business partner owes large debt

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  • Ex business partner owes large debt

    Hi,
    My father was formally in a business partnership with a number of partners in a restaurant business. This was a number of years ago (10 years +). One of the partners got into very bad debt outside the business, and as partners, they were all liable to pay off his debt. Consequently, my father and the partners were forced to sell up the restaurant premises to release the equity to pay off his debt (my father actually still runs the business by leasing these premises with different partners now).
    At the time, the ex partner issued a signed bond/agreement to my father for the sum of £80,000. Since then, my father has not tried to claim this sum back. He has on a number of occasions, bumped into this ex-partner, who claims that he can't pay up as he is bankrupt or will claim bankruptcy (very smugly so). We have actually heard that over the years, he has had many other restaurants (through other people and then causing them money issues too) and has assets (but in his wife's name). He actually runs a restaurant now (again through someone else). I have checked the insolvency register, and found that he was indeed bankrupt back in 2006/2007.
    What I would like to know is, how does my father go about chasing this debt back? Can this man claim bankruptcy again (and thus my father doesn't get paid)? Is this a time limit to claiming?

    Thanks in advance!!

    Jacqui
    Tags: None

  • #2
    Re: Ex business partner owes large debt

    As (1) the debt dates back over 10 years, and (2) he went bankrupt in 2006-07, the chances of getting this money back are effectively Nil.

    Why were the other partners liable to pay debts not related to the business?

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