Partnership liquidations explained
This is a procedure to wind up a partnership as an unregistered company. The
procedure is likely to be used by creditors to enforce payment of a debt or when the
partners have decided that the partnership is insolvent, has no future and cannot
continue to trade.
Often the procedure will be used together with another form of insolvency proceeding.
This is because if there are insufficient funds to settle creditors' debts in the
liquidation, the partnership debts can be enforced against the partners individually.
This is generally a creditor driven procedure, as there are more effective ways for
partners to deal with partnership and personal debts.
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