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Joint & Several Liability

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weimaraner1066
Posted by
New Member

29 Oct 12 #363579 by weimaraner1066

Topic started by weimaraner1066

Hi, I am in the process of divorcing my husband but instead of assets to split we only have debts. One is a business loan for our (now liquidated) limited company for which we were required to act as personal guarantors. The loan is in both names & is joint & several liability - my husband has agreed to take full responsibility for this debt, in return for me keeping others debts of a similar amount, but can I legally have it wholly assigned to him and if so how do I do this?
Thank you!

.Charles
Platinum Member

29 Oct 12 #363581 by .Charles

Reply from .Charles

A court order cannot reach beyond he original guarantee agreement - you are both joint and severally liable for the business debt.

However, your husband can agree to provide an indemnity to you to repay the loan and you can do likewise for the debts that you agree to take on.

Charles

weimaraner1066
Posted by
New Member

05 Nov 12 #364744 by weimaraner1066

Reply from weimaraner1066

Thanks very much Charles. I thought that would probably be the case but was hoping there might be a way around it!

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