Partnership

We are currently dissolving a partnership business that was operating for 1 year and accumulated: income tax, EI and CPP deductions; supplier owing, over drawn personal credit cards,etc. Combination of bad management, growing too quickly and not having the right employees. Partnership is currently being dissolved. Number of employees down to 25% of original. Can hardly make salary every 2 weeks. What debts can the bankruptcy absolve? One partner has assets, other partner has none. What are possible consequences?

This entry was posted on Friday, December 30th, 2011 at 10:54 am by Questions and is filed under bankruptcy. You can leave a response, or trackback from your own site.