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If you believe your Partnership is a going concern and can continue to trade through financial troubles a PVA may be the right option for your partnership.
A PVA (Partnership Voluntary Arrangement) is very similar to a CVA (Company Voluntary Arrangement).
A Partnership Voluntary Arrangement (PVA) is an insolvency procedure which allows a financially troubled company to reach a legally binding agreement with its creditors. In a PVA a company can pay part of their debts back or agree payment in full over an pre-agreed period of time.
A PVA can be proposed by the partners of the partnership by using an Insolvency Practitioner to setup and manage it.
When the PVA has been proposed, a nominee (insolvency practitioner) reports to court on whether a meeting of creditors and shareholders should be held to consider the proposal.
The meeting decides whether to approve the PVA. If 75% of the creditors (by debt balance) agree to the proposal, it is then legally binding on all creditors who had notice of the meeting and were entitled to vote.
If the meeting of creditors and shareholders approves a PVA, the nominee becomes the supervisor of the PVA.
Once the PVA has been carried out, the company’s liability to its creditors is cleared. This allows the company to continue trading throughout the PVA and afterwards. Once the PVA has been completed any remaining debts will be legally written off and the company continues to trade as before.
A PVA proposal is drafted by the directors with the assistance of our Insolvency Practitioners.
The proposals are then sent out to all interested parties (court, creditors and shareholders) allowing 14 days notice of the creditors meeting for the PVA.
At the PVA creditors meeting 75% of the creditors (by debt balance) vote either in person or by proxy at the meeting must approve the PVA.
PVA
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Liquidation of a Partnership
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Personal IVAs
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Tax Debts
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BusinessDebtAdvice.co.uk is part of McCambridge Duffy Insolvency Practitioners established 1932.
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Information on formal and informal debt solutions is available on our website. We do not offer informal solutions, but provide this information so you have a clear and objective overview of the options available. If an Insolvency solution is not suitable or you would prefer to take an informal route, we will recommend an appropriate provider, with your permission.
All of our advice is free and confidential. A fee is only payable where further services are requested. All fees will be explained in detail and discussed prior to commencement of any solution. Repaying debt over a longer period may increase the total amount to be repaid. In the UK, consumer credit activities are covered by the Institute of Chartered Accountants in Scotland, Group Licence number G/900011
If you believe your Partnership is a going concern and can continue to trade through financial troubles a PVA may be the right option for your partnership. 
A partnership liquidation happens where the partners have decided that the partnership has no viable future or purpose, and a decision may be made to cease trading and wind up the business…. 
An IVA is a legal agreement between you and your creditors where you pay back a portion of the debts that you owe. Reduced payments are negotiated with your creditors at a sum that is affordable to you…
Many businesses facing difficult trading periods will usually have 