Partnership Voluntary Arrangement (PVA)
A PVA is the equivalent of an IVA for a partnership. It deals with partnership assets (including continuing income) and liabilities and may allow an insolvent partnership to restructure.
A PVA can be a particularly effective solution for professional practices where partner bankruptcy might lead to practicing restrictions from a regulatory professional body.
Partnership administration is another possible rescue procedure for partnerships; it is aimed at protecting and optimising the realisation of an unincorporated businesses assets.
Partnership administration does not deal with pre-existing or consequential debts of individual partners, for whom separate solutions must be explored.
Live Recoveries can advise on all aspects of partnership insolvency.
Find out how our team can help you to rescue your business from financial hardship from Liquidations and Administrations to CVAs our team has a solution for you.