Legal Question in Banking Law in Australia

hi
we are 3 partners for a company. we signed a lease agreement for a shop inside the shopping centre. now my 2 partners are not performing for the business. so business is down we can not pay the rent. question is: since we have 3 of us signs on the lease; if the proprieties assume us for the court issue, they can take the debts from 3 of us. because 2 of them says they have nothing under their names, but I have one house and one other business under my name; what will happen

Asked on 10/22/15, 11:32 pm

Steve White White SW Computer Law

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0 attorneys agreed

You have a problem as, depending on the documentation, you most likely are liable jointly and severally for the entire debt.

You need to seek urgent legal advice.

Answered on 11/05/15, 5:49 pm

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