Partnership Debt

Partnership debt | Personal debt

Partnership Debt | Business Debt

When you are in a Partnership and you run into financial difficulty, then both Partners become joint and severally liable for all of the business debts.

This means all partners can be pursued for the debt; it is not divided up. If the creditors cannot get payment of the debt from one partner, then they will pursue the other partner. i.e. if one of the partners has no assets and wants to go bankrupt and the other partner has assets and is solvent, then they can be pursued for all of the debt. The partner with no assets can go bankrupt and effectively walk away. Many partners do not understand this when partnerships are formed.

The ideal situation is to avoid this and seek help as soon as possible about your debts. There are many more angles to partnerships and you should always seek specialist advice if in any doubt. Have a look at the debt solutions below or call us for further information.

Partnership Debt Solutions

PVA 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… Read more	Liquidation of a 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…. Read more
Personal IVAs 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… Read more	Tax Debts Many businesses facing difficult trading periods will usually have tax debts to the HMRC. We will look to complete a fact find with you. Read more

For more information on dealing with Partnership debt call the Business Debt Advice line on: 0800 0436 999

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Personal Debts

If you are Self Employed, in a Partnership, or part of a Limited Company and you have personal debts separate to the business, there are debt solutions available to help you get back on your feet. It can be a very stressful situation for you, never mind having to run a business. You or your company should not have to suffer due to any financial challenges that may come your way. We offer Insolvency solutions for people and businesses suffering with debt. Call us and we will be happy to discuss any debt, financial or business matters with you and see if we can help.

Personal Debt Solutions

IVA The IVA is available to people with debts in the UK and Northern Ireland. It is a formal debt solution between you and your creditors. Read more	Debt Management A Debt Management Plan is an Informal Agreement between you and your creditors where you pay back your debts at an affordable monthly rate. Read more
Personal Bankruptcy Bankruptcy is the legal term given when you are unable to pay any of your debts. It can be a very daunting process and also puts threats on your business. Read more	Consolidation Loan Debt Consolidation is a method used by many people to consolidate their debts into one lower affordable payment. Read more

For more information on personal debts call the Business Debt Advice line on: 0800 0436 999

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