For Partnerships

A structured agreement to repay partnership debts while continuing to trade

A Partnership Voluntary Arrangement (PVA) is a formal agreement between the partnership and its creditors, allowing debts to be repaid over an agreed period. It can protect from legal action and provide breathing space to restructure the business while continuing to trade.

PVAs can be complex. In many cases, more than one voluntary arrangement may be required: for example, a PVA for the partnership alongside individual arrangements for one or more partners.

We will:

• Help you assess whether a PVA is appropriate for the partnership
• Explain the implications for both the firm and the individual partners
• Advise on whether linked personal arrangements are likely to be required
• Structure a coordinated solution that is workable, compliant and realistic

Our role is to guide you through complexities clearly and confidently, and ensure the solution reflects how your partnership actually operates.

Managing personal exposure alongside partnership debts

In traditional partnerships, partners are jointly and severally liable, meaning personal exposure is often unavoidable, and because partners are personally liable, individual IVAs are often used alongside a PVA to address each partner’s personal financial position.

We help partners:

• Understand the extent of their personal liability
• Explore whether IVAs are appropriate alongside a partnership solution
• Coordinate arrangements to avoid conflicting outcomes
• Protect personal finances while supporting the wider partnership plan
• Coordinate these processes to ensure a joined-up, workable solution for both the partnership and the partners.

Our integrated approach ensures the business, and the individuals are dealt with together, not in isolation.

An orderly closure where continuation is no longer viable

Where trading cannot continue, we help partners wind down the partnership properly by dealing with liabilities, assets, and final tax or regulatory matters, while managing the personal implications for each partner.

Our support includes:

• Planning an orderly wind-down of trading
• Managing creditor communication and settlements
• Advising on partner exposure and next steps
• Ensuring compliance with legal and tax obligations

Handled properly, dissolution can reduce risk, protect relationships, and allow partners to move forward with clarity.

Protection while rescue or sale options are explored

Administration can give an LLP immediate protection from creditor action while options for rescue, restructuring or sale are assessed.

We advise LLP members on:

• Whether administration is appropriate
• Finding the most suitable route into the process
• Trading, funding and risk considerations
• Achieving the best outcome for creditors and members

Early advice is critical to preserving value and control.

Find out more about administrations

Restructuring debts while the LLP continues to trade

A CVA allows an LLP to repay or compromise unsecured debts over time while continuing to operate, often preserving value and jobs and remaining under the control of its members.

We focus on:

• Creating realistic, sustainable proposals
• Managing creditor expectations and negotiations
• Protecting jobs, contracts and goodwill
• Supporting members throughout the term of the arrangement

When properly structured, a CVA can provide a viable route to recovery.

Find out more about CVAs

Where closure is the most appropriate outcome

If recovery is not viable, we advise on liquidation or dissolution routes, managing the process efficiently and compliantly, while guiding members through the implications.

Our team will:

• Explain the implications for the LLP and its members
• Advise on the most suitable closure route
• Manage statutory requirements and creditor communication
• Reduce risk and uncertainty at every stage