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Partnership Liquidations

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Interlocking IVAs
Partnership Liquidations
Partnership Administration Orders
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PVA & Individual IVAs

A partnership business can be wound up 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.