Partnerships and Limited Liability Partnerships
A partnership of two or more partners may be dealt with under the Insolvency Act as if it were a company. Options available include Partnership Administration Orders, Partnership Liquidation and Partnership Voluntary Arrangements (PVA).
The procedures are almost identical to those described on our Administration, Liquidation, and Company Voluntary Arrangement pages. The are insolvency procedures which are designed to allow a struggling partnership to be rescued where possible (for example, a PVA) and there are also procedures which can be used to close down (or ‘wind up’) a partnership that cannot be rescued.
What is the right choice for you?
Every situation is different and there is no substitute for expert advice, tailored to your particular circumstances. If you are involved in a partnership which is facing financial challenges call us today on 0114 285 9500 and we will help you to explore all the options available to you.