10:40 AM, 15th October 2015, About 7 years ago 1
I bought a business 13 years ago with my wife as a partnership. A family member gave us £40,000 as a deposit to start up and we got a business mortgage for the rest.
However, the family member went bankrupt 7 months later and we became liable for the £40,000 so after plenty of court hearings they put a second charge on the property.
My wife lost her battle with cancer 2 months ago and I do not want to carry on with the business and want to sell up.
The problem I have is the business valuation will only just cover the mortgage what will happen to the second charge ?