Hi In about 2002 I started a business wi...

Asked by the Customer on 07-06-2014 15:29:06
Question posted in the National Credit Act Law category relating to Gauteng

Hi

In about 2002 I started a business with two other partners, one third share each. In 2004 one partner imigrated to OZ and sold his third to the other partner. I personally did not want to hold the least shares and at the time I would be the only person who had some form of financial standing so I also sold my shares to the remaining partner.

I formally resigned from the CC and sent a general letter to supplier creditors informing them of the new situation, also asking them to release me of my surety I had signed to open an account.

In 2013 I received a summons that the remaining partner had incurred debt to R120k and if he could not service the debt, I would be liable as the second respondent.

A high court summons was now issued on me to pay up as the first respondent cannot pay the debt.

I need advise as to how I can get out of having to pay for the debt which I did not incurr.

Regards

WILLIAM

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