Is the partner still responsible for the debts he personally committed to paying after an agreement to divide debts and assets and inform the creditors?
The fundamental principle in partnerships is that profit and loss are distributed among the partners according to each one's share. The company's debts are paid from its capital, and whatever remains thereafter is divided between the two partners according to their respective shares. An agreement between the two partners to distribute debts among themselves does not obligate the creditors, as they have the right to demand payment from either partner, considering the company as a single entity, unless the creditors agree to this distribution. If you pay debts that your partner guaranteed, you have the right to claim reimbursement from him for what you have paid.
Summary from Ftawy's records · added here
Reviewed by El Fatwa's sharia committee.
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- Ftawy
- Original fatwa ID
- 65543
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- . This is when the answer was added to El Fatwa, not the fatwa's date.
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- Summary from Ftawy's records, reviewed by El Fatwa's sharia committee.
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- Read the full answer on Ftawy