My business partner and I run a firm together. Without telling me or the court about our bank loan, he filed a case to dissolve the partnership. Can he avoid paying back the loan? I need advice.

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Law Forum › Category: Corporate › My business partner and I run a firm together. Without telling me or the court about our bank loan, he filed a case to dissolve the partnership. Can he avoid paying back the loan? I need advice.
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Apni Law Staff asked 2 years ago

My business partner and I run a firm together. Without telling me or the court about our bank loan, he filed a case to dissolve the partnership. Can he avoid paying back the loan? I need advice.

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Best Answer

Apni Law Staff answered 2 years ago

Your partner cannot avoid paying back the loan by dissolving the partnership without disclosing it to the court. The loan is a joint liability, meaning both partners are responsible for repayment. The court will likely order the partnership assets to be liquidated to repay the loan, and your partner could be held personally liable for any shortfall.

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