When opting for a Partnership Voluntary Liquidation
be careful to make the right choices.
The term partnership voluntary liquidation describes
the process by which a partnership is wound up by its partners. For
this to happen there would have had to have been a catastrophic failure
of the partnership with no chance of saving any business or assets.
Indeed, the partners will need to have fallen out and the underlying
We would strive to keep any partnership from going into
liquidation if the partners had any interest in going forward. Part
of the problem with a liquidation of the partnership is that all the
debts of the partnership fall upon the partners to pay, without any
chance of deferring them or spreading the liabilities out over a longer
period, which would be possible in a Partnership Voluntary Arrangement
or PVA, or a Partnership Administration.
In the latter two cases it may still have been necessary
for the partners to enter into their own individual voluntary arrangements,
but in a partnership voluntary liquidation that would seem to be essential.
If that is not viable, then bankruptcy may be inevitable.
We do offer a service whereby we walk people through
their bankruptcies, and so if it became inevitable to wind up the partnership
we would be able to assist the partners in sorting out their affairs
as well, in addition to a partnership voluntary liquidation, whatever
they decided to do.
It is vitally important that partners continue to talk
to each other through difficult times. We realise that this is not always
easy as blame can, and often is, apportioned when relationships breakdown.
If you feel that
you cannot approach your partner to discuss matters, please feel free
to talk to us on a no obligation basis. We may be able to act as a conduit
between parties and as we have no side to take we can give impartial
advice to all concerned. So if your partnership is facing liquidation
please call us and let us see if we can help.
If you would like
to talk about a partnership voluntary liquidation to a specialist with
17 years corporate insolvency experience then enter your details into
the web form below for a no-obligation chat.
if you need help with personal debt (rather than business related debt)
go to our free debt
management plan application form.
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