my spouse is in credit card debts and cannot pay up. She is a Private Hire Grab driver and we set up a Partnership company with the only asset in the partnership being the car. Will creditors possess the car in this instance if she is made a bankrupt?

Answer :



    answered on 30/01/2018

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    It is unclear if you have formed a partnership or company (e.g. Private Limited). Assuming that it is a partnership, in general, partnership is not a separate legal entity and the car possess by a partnership generally belongs to the partners and thus, considered an asset of your spouse that is subject to claims from her creditors.

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