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Thomas
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If you are sued for repayment of monies lent from a partnership

Resolved Question:

If you are sued for repayment of monies lent from a partnership without a written contract what ways can you defend the claim to try and not repay the money? If the money was lent by a partnership and the proceedings are issued in the name of an individual is that grounds for a defence?
Submitted: 1 year ago.
Category: UK Law
Expert:  Thomas replied 1 year ago.
Hi

If the money was genuinely a loan, why do you think you have grounds to defend?

Tom
Customer: replied 1 year ago.


Because it was not a loan but a joint venture which the third party then changed their mind and insisted on 13% pa interest after 6 weeks of the monies being advanced. The interest to date is far more than the original amount and there is still more left to pay.

Expert:  Thomas replied 1 year ago.
Hi

Can I have some more details on what the joint venture was and whether it was with the partnership or just one of the partners?

Tom
Customer: replied 1 year ago.


With one of the partners (I do not know how many partners there are) buying and selling goods and splitting the profits. Never intended as a loan ever. It would appear that this was a set up to try and force me to sell my property to clear the "loan".

Expert:  Thomas replied 1 year ago.
Hi

Thanks, XXXXX XXXXX way back home now. Will be able to answer in half an hour..

Tom
Expert:  Thomas replied 1 year ago.
Hi

Thanks for your patience.

If you had a separate and distinct business venture with one of the partners then would think that in the absence of an agreed (orally possible) loan for the monies then it’s likely that the court would regard the arrangement as being a separate “partnership” – ie. that you were in partnership with him.

If the other partners were not involved at all before you agreed this venture then they would have nothing to do with it and so you would be looking at defending on the basis that the status of the money was in fact capital for the new partnership with this guy, rather than a loan of monies between two private individuals (which would be actionable if the terms of the loan were repaid.

If there’s nothing in writing then it’s going to depend a lot on whose testimony the judge gives the greater weight of evidence. The fact that there does not appear to be anything in writing for the “loan” is not at all helpful to him.

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Kind regards,


Tom
Thomas, Lawyer
Category: UK Law
Satisfied Customers: 6595
Experience: BA (Hons), PgDip, Practising Solicitor
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