Updated: 11th November 2020
What is paramount for business partners to understand is that you are not alone; we’ve seen thousands upon thousands of different situations involving partnership hardship and are well placed to advise in your circumstances. Partners often say to us that our assistance or intervention has lifted a huge weight from their shoulders.
Whether you want to rescue your business and believe it has the potential to prosper again, or feel as though the business is facing insurmountable debt and liquidation is inevitable - we can offer expert, impartial advice. Whatever problem you and your partner(s) is/are facing, we want to fully understand what you are going through and find the best possible solution for all parties involved.
We have a number of guides across the whole partnership insolvency spectrum to help shed some light on your individual situation:
If you’re a partner in a limited liability partnership (LLP) and want to understand more about potential options when faced with LLP insolvency, read on. If your LLP runs into financial difficulties and you depend on your business for your livelihood, you personal finances could also suffer.
This guide focuses on limited liability partnerships facing growing levels of debt with no hope of repayment now or in the foreseeable future. When this is the case, the partners may agree it is time to wrap up business affairs and simply dissolve the partnership. The guide also looks specifically at whether all partners are equally responsible for debt.
There are different types of liquidation for limited liability partnerships; in this guide we talk you through the most common types such as Creditors Voluntary Liquidation (CVL), Members Voluntary Liquidation (MVL) and Compulsory Liquidation. If you’ve been served a winding-up petition, you have no time to waste.
In this guide, we’ll explain what is meant by limited liability partnership administration and pre-pack administration. We’ll highlight how the process works and the key benefits involved. It is a common method for firms who have a viable long-term business and Real Business Rescue have been involved in hundreds of administrations, making us perfectly placed to advise in your circumstances.
When a struggling LLP still appears to be a viable business with the prospect of becoming profitable again, and the partners are willing to continue trading, a company voluntary arrangement (CVA) may be an ideal way to protect against legal actions taken by creditors. It’s critical to note that a Partnership Voluntary Arrangement (PVA) is purely an option for standard partnerships, not LLPs, and is a completely different legal process.
In this guide, we’ll explain what the winding-up of a limited liability partnership (LLP) really means; detailing how the process works and the options available to you. When it come to LLP debts, winding up and dissolution of limited liability partnership is seen as the ‘final straw’ and is often a move instigated by angry creditors – usually HMRC.
If your business is a limited liability partnership, LLP members enjoy limited liability unlike partners in general partnerships who are jointly and severally liable for all the debts and obligations of the firm. If you are a partner in a standard business partnership, the issue of joint and several liability is more pertinent.
At Real Business Rescue we assist individuals in business partnerships that are experiencing stress brought about by financial strife such as debts, pressure from creditors, HMRC tax or VAT bills and so on. Unfortunately, partnership disputes are a fairly common occurrence which can mean serious repercussions for a LLP business.
At Real Business Rescue, our licensed insolvency practitioners provide expert debt management advice tailored to limited liability partnerships and their partners. We work with LLP owners like you, and with your professional advisers, to maximise the chances that your business will succeed. Read on for more advice on LLP business debts.
If your limited liability partnership is suffering financially and you would like to know more about partnership insolvency options, you can arrange a free consultation with one of our licensed insolvency practitioners in your area. Alternatively you can call us on 0800 644 6080 for free, immediate advice.