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Personal Bankruptcy/Partnership Company

Hi,

I would like to know what happens to the Partnership company once one of the partners declare bankruptcy?
What happens to the debt of that company going forward?
If there is already financial trouble & some debt is already @ the agency, who does the agency attempt to collect for & can they call the bankrupt personl for collection purposes?

Posted from: British Columbia

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One Response to “Personal Bankruptcy/Partnership Company”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

This really depends on how the debts have been signed, and who has signed on those debts. To get a real good handle on what will happen you should take copies of the statements for any debts you have within the partnership and have them reviewed by a trustee. Essentially this will all depend on who signed and what types of partnership agreements were in place to handle such a situation.