A partnership winding up is the legal mechanism which
allows an insolvent business to cease to trade with the help and supervision
of an insolvency practitioner. As a partner you need to be constantly
aware of the financial health of your business. If you conclude that
the partnership is insolvent, then you should not increase the debt
If the partnership winding up has an underlying good
business, but will not be able to trade through its problems then the
business should be closed. But it could continue in another guise or
as another legal entity, with a pre-pack sale to a new ‘phoenix’
We are ideally placed to help your partnership. Winding
up is only one option, and there are many others. Certainly, there is
one option that is more suitable for your circumstances than all the
If refinancing is all that is required then we have
access to the best sources of that. Or it could be that individual partners
could benefit from an IVA (Individual Voluntary Arrangement) to look
after their personal financial affairs, especially if they have sunk
their own money into the ailing business over a number of years.
process is not difficult, but we do understand that it could be quite
emotional. You are certainly not alone in feeling as you may do, but
delaying contacting us could make matters worse.
If you would like
to talk about a partnership winding up to a specialist with 17 years
corporate insolvency experience then enter your details into the web
form below for a no-obligation chat.
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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