Partnership voluntary arrangements explained
The procedure allows a partnership that cannot meet its debts to enter into
a formal agreement with the partnership creditors to repay the debt either in
full or partially over a fixed period.
WHEN IS A PVA USEFUL?
A PVA is not advertised and can protect the goodwill of a business at the same time as
providing a solution to a partnership's financial difficulties.
It can prevent a partnership creditor obtaining a bankruptcy order against one of the
partners. Depending on the partnership deed, the bankruptcy of one of the partners
may result in termination of the partnership or the loss of a professional partner's
ability to practice.
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