Partnership Liquidation - Explained
This is a procedure to wind up a partnership as an unregistered company. The procedure is likely to be used by creditors to enforce payment of a debt or when the partners have decided that the partnership is insolvent, has no future and cannot continue to trade.
Often the procedure will be used together with another form of insolvency proceeding. This is because if there are insufficient funds to settle creditors' debts in the liquidation, the partnership debts can be enforced against the partners individually.
This is generally a creditor driven procedure, as there are more effective ways for partners to deal with partnership and personal debts.
The Next Step
The options for a financially distressed business need to be very carefully considered. Simply forward your details on our Contact Form and we will contact you. Alternatively ring us on our FREE ADVICE LINE 0800 781 0990.
All debt solutions should be very carefully considered. Fees will be charged if a solution is taken in order for us to advise and administer the most appropriate action - all fees will be outlined during your consultation. Retained payment may place you further into arrears. The Business Debt Advisor complies with the Consumer Credit Act and you have the right to a cooling off period of 7 days. It is likely that your ability to obtain further credit in the short term will be affected and this may also be the case over the medium to long term.