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When a partnership cannot pay its debts and must use a formal process to repay creditors or close the business.
When a partnership faces insolvency, the consequences can reach beyond the business.
Partners are personally responsible for business debts, potentially putting property and other assets at risk. Resolving the situation may involve both the partnership’s finances and considering the individual circumstances of its partners. Specialist advice helps you understand these responsibilities, assess the options available and take early, informed action to limit the impact on everyone involved.
As Partnership Insolvency specialists, we’re perfectly placed to help. We’ll sit down with you and explain your three main options. You can -
Once you’ve agreed which is the best option for your Partnership, we’ll act for you to ensure the most satisfactory outcome.
Partnerships are very different from limited companies, and it is not uncommon for there to be one, and frequently several, personal liabilities to be dealt with. While these may be a problem as a result of the partnership insolvency, they will most likely need to be dealt with separately.