Business partnership meltdown - help!!?

My sister has stupidly put her partners business in her own name and he has racked up thousands of pounds of debt unknown to her - he has also borrowed money against their house and now they have split - whilst he is away enjoying spending the money in the business bank account she has been left with nothing - what is her best option??

she wants to sign the business and house over to him as he has made her leave. She is going to come out of this with nothing anyway and she just wants to make a fresh start with her daughter on their own. Aby advise on legal situation against her?

Immediately ask the bank to freeze the account; next contact the mortgage lender and advise them of the situation and tell them that their might be a problem on meeting payments - most will offer restructuring; next start a legal process by filing a case in the Small Claims Court, and get the pro debt collectors to chase him (they usually take 20-30%.of the amount as a fee AFTER they get the money.)

You can do all these for minimum cost; go to a lawyer if you like but their bills will make your eyes water!! and by the sound of the "maggot" partner he is a goner and will duck and dive his way out of it anyway.

Be lucky!

You are going to some legal advice!

She is definitely going to need legal advice. Start at the Citizens Advice Bureau as soon as possible and they should be able to point her in the right direction.

I hope she is able to sort something out soon.