Hi ! I am planning to self declare as bankruptcy.I am a sole proprietor. Does it make any difference to close my company before submission ? I also have a joint unsecure facility with the bank. How is it affecting the joint applicant ?

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    answered on 09/05/2016

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    It would not make a difference whether you close your sole proprietorship since you are directly liable for any losses. As for the joint facility, this depends on the terms of the facility. Generally, the joint applicant would be liable for all outstanding amounts but please look at your terms.

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