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Partnership Voluntary Arrangement

A partnership that gets into financial trouble can use a Partnership Voluntary Arrangement to restructure its debt and come to a new agreement with its creditors.

The key to a partnership in trouble is to realise you need a Partnership Voluntary Arrangement and get on with doing it.

Quite often the Partnership Voluntary Arrangement will involve the individual partners doing their own Individual Voluntary Arrangements.

The usual terms of a Partnership Voluntary Arrangement are:

  • Freezing existing unsecured debts such as PAYE, Business Rates.
  • A monthly regular payment to cover all existing debts over a period of 1 to 5 years.
  • A partial debt write off – so debt being forgiven.
  • No interest.

A Partnership Voluntary Arrangement will be drafted by you with our help as Licensed Insolvency Practitioners. Find out more about voluntary arrangements.


What's next?

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Kirks Insolvency - Call us 01392 474 303

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