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Taking over debt

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  • 08-04-2013 11:41pm
    #1
    Coala
    Registered Users Posts: 129 ✭✭


    hi,i am looking for help how to deal with the this situation. Limited company had a contract with supplier. Now came to light that owner of the company was withdrawing cash from business without knowledge of other partners. Now when it was found out other person does not want anything to do with that owner in common. Problem is that there is contract what partner wants to save. Basically taking that debt for that contract on her name and trade as usual. Supplier would not mind because it does not want to loose money what is due to them. How it will look from accountancy's perspective? Company will continue or close down. What will be proper accounting records in sole traders accounts when taking over someones debt? Will it be legal to qualify bought debt as an expense in the year it incurred? Please help me if you now.thank you


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