NSW Contract Law - Contract with Husband Regarding Business Loan?

Australia's #1 for Law
Join 150,000 Australians every month. Ask a question, respond to a question and better understand the law today!
FREE - Join Now

Astra

Member
23 January 2016
1
0
1
I have gone into business with my husband. This has been for a grand total of 2 weeks now.

My relationship with him was very strained before I signed contracts with the bank. I was wondering if I were to draft a contract stating that from this date my husband is the sole proprietor of the business and have him sign it, will this stand up in court if, by any chance, he goes bankrupt down the track under Contract Law as my name is on the business loan?
 

Rod

Lawyer
LawTap Verified
27 May 2014
6,797
929
2,894
May not be that simple. You need to consider loan repayments, what happens if you split, etc.