Anderson Brookes

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0800 1804 933

Dealing with Partnership Debt is much more complicated that debts of Sole Traders or Limited Companies.

Due to the implications of 'Joint and Several Liability' each individual partner may become fully liable for the partnership's debts in the event the business is unable to clear them. This means each partners personal assets are potentially at risk if the business fails.

Is The Business Viable?

Initially, the partners must decide if they believe their business is viable. Before recommending any partnership debt solution, we help the partners determine the feasibility of the business and make sure the individuals concerned agree on a course of action.

Partnership Voluntary Arrangement (PVA)

A Partnership Voluntary Arrangement (PVA) is a formal agreement made between a Partnership and it's creditors. Typically, the agreement will involve the partnership making monthly payments over a 5-year period to clear a reduced proportion of it's debts. A PVA is only an option if the Partners believe their business is viable and they are in agreement that they should trade out of their problems.

If you are a Partner in a business with debt problems call us free on 0800 1804 933 or read more about PVA's>

Interlocking IVA's

Depending on the circumstances, it may be more practical to set up Interlocking IVA's (Individual Voluntary Arrangements) for the partners involved in the business.

Whilst 'joint IVA's' don't exist it is possible to propose separate IVA's that are administered jointly for practical reasons. It may be that the partners in the business are husband & wife; in this case, their income may be entirely reliant on the partnership succeeding and they are also likely to have joint personal assets (such as their home).

Interlocking IVA's work in the same way as an IVA for a Sole Trader; the benefits and application process etc. Visit our page on IVA's for more information or call 0800 1804 933 to discuss the possibility of arranging Interlocking IVA's.

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Anderson Brookes Ltd

Anderson Brookes Ltd provides advice to individuals, business owners and company directors that are struggling with debt. Anderson Brookes Ltd is Authorised and Regulated by the Financial Conduct Authority; our registration number is 669796. You can confirm our details on the FCA website Anderson Brookes Ltd is a limited company registered in England and Wales; company registration number is 4213701. You can read more about the services provided by Anderson Brookes Ltd by visiting OUR SERVICES. A printed copy of our Initial Disclosure Document will be provided to you before any Instructions are accepted from you. You can request a copy at any time by calling 01204 255 051. Some of the services provided by Anderson Brookes Ltd are not regulated by the Financial Conduct Authority.

Anderson Brookes Insolvency Practitioners Ltd

Anderson Brookes Insolvency Practitioners Ltd is a limited company registered in England and Wales; company registration number is 10324159. Registered office address is 4th Floor, Churchgate House, Bolton, Lancashire BL1 1HL. Brendan P Hogan is licensed to act as an Insolvency Practitioner in the UK by the Insolvency Practitioners Association. Licence Number 101680.