If you took out a loan in your name to buy the equipment, the burden is still on you, but you also are sole owner of the equipment. You could work out alternative arrangements but it must be in writing, and would likely consist of shared ownership of the equipment and your partner paying you half the value of the equipment, but this is for you two to agree upon the details.
If you actually took the loan out in a company's name, and there was actually a merger of some sort, or you now share ownership in the same company, then the company has the debt and property, regardless of who runs it or what have you.
