The quick answer This is a Court order to protect a partnership from legal action. You need a Licensed Insolvency Practitioner like us to act as the Administrator. In more detail What are the purposes of Partnership Administration? The usual purpose of Administration is to achieve one of the following: a. The continuation of the […]
The quick answer If your business is insolvent you might want to look at the alternatives than just accepting bankruptcy or liquidation. A better option may be a Company or Individual Voluntary Arrangement or by making early contact to negotiate with key creditors. In more detail Bankruptcy usually refers to a sole trader or partner […]
The quick answer If the business is a solvent partnership then it will be dissolved by agreement between the relevant parties in accordance with a partnership agreement. If the business partnership is insolvent and cannot pay its debt then it will go into Liquidation, Administration or a Partnership Voluntary Arrangement (“PVA”). In more detail There […]
The quick answer There are three answers to the question of whether directors are liable for the debts of the business: Limited companies have directors and they are not normally liable for the company debts unless they have specifically guaranteed them, for example, a bank may have asked for a personal guarantee. Partnerships have partners. […]
The quick answer Although you may be deep in debt it may be possible to avoid bankruptcy (or liquidation if you are a partnership or company) if you have a viable business or assets to sell. However, in some cases, going bankrupt may be the best option just to give you a clear start. Bankruptcy […]
The quick answer Administration is a quick and effective way to protect a company or partnership and stops creditors taking action. You can get into Administration without the creditor’s or shareholder’s consent. This saves a lot of time. It can be the right solution for a business that can not trade out of its problems […]
Partnerships may have limited liability if they were formed as a Limited Liability Partnership. If not then an unregistered partnership will result in the partners being personally liable for the debts.