I hope someone can help me, My business partner (50/50) in a locally registered CC is leaving South Africa as he is a foreign national. The problem is we owe Sars money for outstanding VAT payments and the company has no cashflow with little prospect of revenue due to the bottom falling out our industry. What liability will my partner have to repay this debt if he simply leaves the country? Naturally I'm afraid of being left with the debt after my partner has taken the cashflow out of the company through his loan account.
Can anyone please advise me as naturally I don't want to be saddled alone with the CC's tax debt due to my partner scarpering overseas?
We're still in negotiation but at this stage I need to impress upon him that running away from our debt wont work in his favour.
Any help would be greatly appreciated!
Many thanks in advance,