Partnership Winding Up

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Partnership Winding Up

Thinking of a Partnership Winding Up? What Are The Options?

 

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 levels.

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’ company, perhaps.

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 others.

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.

The partnership-winding-up 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.

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

 

 

 

 

 

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

pre pack liquidation

 

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