I have invested 40 k in a business with someone i thought i could trust the business is now in serious debt?

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I have invested 40 k in a business with someone i thought i could trust the business is now in serious debt?

and has been for a while but i have only just been informed about it everything is in my name and now the mortgage company are threatening to repossess the building i have worked so hard for the money i put in does anyone have any suggestions of how they can help me i have a wife and child and have been unlucky have i lost my money i am desperate the business is a pub my silent partner was an accountant thats why i trusted her

CA DIVA

I agree with the first post. I would hire an outside accounting agency to perform due dilgence. They can dig very deep to see exactly how much in debt you are on the line for. There maybe more she hasn't told you about. At that point you can decide what to do with the business; reorganize and salvage it, or liquidate and possibly file bankruptcy.

Darth Vader

You should hire an independent business accountant and have an audit done.

snetterton

Hard lessons quickly learned. You needed to have taken independent advice, not trusted the word of a friend. Yes you probably have lost all your investment. Put it down to experience and vow never to go into something in ignorance again.

Ashley S

say your bankrupt

saorsie

look`s bad.

maddog2000

ha!ha!

Sir Sidney Snot

Sounds very bad to me

JJ702

I am sorry to hear about your problem, but you really need to speak to a financial adviser as you may be misled on here. Good luck

mikem33607

Looks like the School of Hard Knocks has come knocking again.

you might have to declare bankruptcy and surrender your assets (including the building)

james

you can get another loan to repay the other and then make ur business start making profit again. this way u can stay in business

Donny

You ARE in trouble unless...it can be clearly shown that you were not responsible for the borrowing transactions of the business. It sounds like you had a partnership so you also have UNLIMITED LIABILITY meaning you ALSO assume the debts of your partner. However, if EVERYTHING was in YOUR NAME and someone else borrowed money under your name, then it was an illegal transaction UNLESS you signed for it. In that case you don't owe the debt and you should be finding out why the lender gave money to someone working for you (like your accountant) where no partnership existed. If they do in fact have their name as a partner, then I hope you have a partnership agreement. If no agreement, then no partnership. It would be your word against hers and I think you would win against the lender. They should have required your authorization before lending the business the money. As for your business with your employee, write a letter to them (save a copy) that they did not have authorization to bind your business in debt and that you have notified the lender of this fact and they are now responsible for it. Good luck on this one.

I had a hard time reading your question, so please next time please use capitals and periods when you ask a question.

jamie

are you a lesbian or something?? You avatar is a girl and you said you have a wife. I am not racist. Im just wondering. oh and thats the biggest lie i have ever heard.

Frank Castle

Close your business.

ROMFT

Dumb ***, load of lies, thats the third time you have asked this question

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