Partnership Voluntary Arrangement (PVA) - Explained

The procedure allows a partnership that cannot meet its debts to enter into a formal agreement with the partnership creditors to repay the debt either in full or partially over a fixed period.

WHEN IS A PVA USEFUL?

A PVA is not advertised and can protect the goodwill of a business at the same time as providing a solution to a partnership's financial difficulties.

It can prevent a partnership creditor obtaining a bankruptcy order against one of the partners. Depending on the partnership deed, the bankruptcy of one of the partners may result in termination of the partnership or the loss of a professional partner's ability to practice.

 

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.
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