Partnership Arrangement

Thinking of a Partnership Arrangement? What Are The Options?

A partnership arrangement is a very good alternative to more drastic measures

A partnership arrangement is another term for a PVA or partnership voluntary arrangement. In essence it is utilised where a partnership is in financial difficulties, which are not so insurmountable that they require the partnership to be wound up, like a limited company, but, with breathing space, can be traded through.

A partnership arrangement envisages the support of 75% in value of the creditors who vote at the meeting of creditors. That does not mean that three quarters of them must agree, but that 75% of the value of the debt must be in favour.

A PVA is begun with a proposal. We can help you put this together. It sets out your assets and liabilities. It explains how and why you will be able to make the payments proposed, and gives a brief explanation of why you are in trouble. It will explain that there will be a far worse return if the creditors do not accept the offer proposed.

A partnership arrangement is considered at a meeting of your creditors. Recently it has become practice for creditors not even to attend these meetings in person but to vote their approval through by fax.

We would liaise with all your creditors before hand to make sure that we had the votes required to carry the meeting and ensure success. When the proposal is approved, it binds every creditor, even if they voted to reject it.

Most partnership arrangements last for 60 months and require a commitment to pay cash into the arrangement each month which is distributed once a year. All the fees and costs of the arrangement come out of cash paid in.

If circumstances change over the term of the arrangement, it is possible to seek variations to the proposal, which most creditors are happy to consider.

The partnership arrangement can be run alongside a personal individual voluntary arrangement for the partners as well. If you have a partnership that is experiencing some financial pressure and you are unsure as to how to proceed, please contact us for a no obligation chat.

If you would like to talk about a partnership arrangement to a specialist with 17 years corporate insolvency experience then enter your details into the web form below for a no-obligation chat.

However, if you need help with personal debt (rather than business related debt) go to our free debt management plan application form.

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We specialise in the following:

business debt factoring
invoice discounting
business bankruptcy
business finance
company bankruptcy
voluntary arrangement

pre pack administration

voluntary liquidation
business liquidation
wrongful trading
business insolvency
business rescue
business turnaround

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