Am I morally wrong to ask my FORMER business partner to share responsibility for the loan we both guaranteed?

I understand the legal part of this but I would appreciate advice on principle. My business partner and I received business loan from a bank that we personally guaranteed. We used 95% of the funds before I bought out my partner's share of the company and became the sole owner of the company. Last year, we had a meltdown with several factors coming down all at once. The company went down along with it. My business partner knew the company was shaky just before I bougth him out but I wanted to give it another run at it before giving up. Late last year, I finally had to begin liquidating. I know we are both responsible for the debt legally but based on the fact that I did not spend 95% of the loan on my own and that we both knew business was not in good shape, should the ex-business partner be right to get angry with me now that banks are calling us?

9 months ago - 1 answers