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A Partnership Voluntary Arrangement (PVA) is similar to an Individual Voluntary Arrangement (IVA) and if you are a partner within a business that remains viable you can preserve your business, re-organise its debt repayments, be protected from creditor action and make payments to creditors from on-going trading.
Depending on the extent of the assets and liabilities of the partnership, partners may also have to consider proposing Individual Voluntary Arrangements in conjunction with the PVA as well.
In some circumstances, A Partnership Administration Order may be more suitable and gives a viable partnership protection from its creditors whilst all possible solutions can be looked at and a plan put in place.
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If you are in an insolvent partnership in the Liverpool and Merseyside area that can no longer carry on trading, a Partnership Liquidation might be necessary. Like with bankruptcy, a partnership liquidation or winding-up is a last resort for a partnership. The business of the partnership ceases and the Official Receiver or liquidator will deal with the assets and debts of the partnership.
Partnership insolvency is legally complex and we can help insolvent partnerships in Liverpool to steer the right course through the process where necessary.