Advice to Partnerships

The options available to partnerships facing financial difficulties are complex and wide ranging. A solution needs to be tailored to the circumstances of the partnership and the individual partners within it.

Procedures include:

• Partnership Administration Order
• Partnership Voluntary Arrangement
• Interlocking Individual Voluntary Arrangements
• Winding up of an unregistered entity
• Joint bankruptcy petition

The appropriate procedure will depend on the continuity of the partnership’s business activities, the extent of any deficit within the partnership, the attitudes and personal finances of the individual partners.

We understand that this is a difficult and stressful time but will aim to achieve a solution acceptable to all stakeholders.

We can also provide guidance to LLPs.