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Partnership
If you are running a business jointly with one or more person/s, then you are all equally responsible for the business debts including tax.
If the other partner(s) can’t be located, or cannot pay, then you will be considered responsible for all the debt. Talk to your partners. If the business is making a loss and you and the other partners cannot afford to pay the debts then you should consider your personal insolvency options.
Bankruptcy and partnerships
If a parnter is adjuciated bankrupt the partnership it is generally dissolved as at the date othe partner is adjudication unless a written partnership agreement provides otherwise.
Only the non-bankrupt partner(s) can continue to deal with the partnership assets and liabilities. The bankrupt cannot continue to be involved in the partnership.
If all partners are adjudicated bankrupt the partnership is dissolved and all assets and liabilities of the partnership vest in the Official Assignee.
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Links and people that can help
In financial trouble? | Personal Insolvency options
Business.govt.nz | Free resources, tools and information to help manage your business.
Sorted.org.nz | Free independent money guide, full of tools and information to help you manage your personal finances.
