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    nomylhr's Avatar
    nomylhr Posts: 1, Reputation: 1
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    #1

    Oct 24, 2011, 03:25 AM
    Fail to pay debt
    Please explain if a partner fail to pay his debts, in case of business is liquidated and declared as bankrupt. Is there any responsibility of any partner to pay debt in case of bankruptcy.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Oct 24, 2011, 10:41 AM
    This is a partnership, not a corporation ?

    So the business is being sold to pay the personal debts of one of the partners.

    In what country is this, and if the US what state, as laws can vary.
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