Legal Question in Business Law in United Kingdom
Getting money back from a partner in business
A year ago my business partner walked out on our business, both of us had borrowed money from my parents. all she paid back was the interest on her loan and I took over her debt verbally and have now been told by my parents that the money is my inheritance therefore i feel that the money my ex business patner borrowed and walked away from needs to be paid back as in effect i have given her �15,000.00 by her not paying it back. I am a single parent and I do not know whether i will be able to pay back that money to myself and when. Is there a legal avenue I can go with her to get that money back?
1 Answer from Attorneys
Re: Getting money back from a partner in business
It would appear that this loan was a liability of your business partnership. As such both partners are equally liable for its repayment and you would be entitled to bring an action against your former partner to recover their share of the liability which you have become responsible for.
Before advising conclusively full details would be required, but we will be happy to assist further if required.
Andrew Dutton
www.legal-zone.co.uk
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