who can cover the bankruptcy of the business if the business is compose of industrial partner and ca
all about in partnership, the partnership is compose of capitalist partner and industrial partner, right?? so who can cover of its bankruptcy??
I'm not sure what you mean by 'cover the bankruptcy'. Bankruptcy is a process than enables a company to restructure its debt. If your talking about who pays for the lawyer fees/court fees, etc then I would assume that the business would pay for the expenses. What type of business entity is it? Is it a LLC, LLP, S Corp., or Sole Proprietorship? The type of business you have registered with the gov. could determine the bankruptcy process.
Becoming bankrupt may involve restrictions, but the situation is less onerous for individuals whose businesses have failed through no fault of their own. Most are discharged from this process within 12 months although there can be longer term effects on their credit rating. The Bankruptcy Insolvency in the UK can solve your problem.
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