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What is Partnership Administration?
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.
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Bankrupt Businesses – How Insolvency Practitioners Can Help
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.
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How To Dissolve A Partnership With Financial Problems
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”).
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Are Directors Liable For The Debts Of The Business?
There are three answers to the question of whether directors are liable for the debts of the business:
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My Business Is Bankrupt – What Are My Options?
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.
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Is Administration Right For My Business?
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 and needs some…
